FIH Partners advises SEAS-NVE on the divestment of certain natural gas and heat service customers to OK

Divestment of natural gas and heat service customers
Transaction:
Divestments
Date:
Pending
Deal Value:
Undisclosed
Process:
Private process
Industry:
Energy and Infrastructure

FIH Partners advised SEAS-NVE on the divestment of 107,000 natural gas customers and 44,000 heat service customers to OK a.m.b.a for an undisclosed consideration.

The competitive authorities have assessed that SEAS-NVE following its announced acquisition of Ørsted’s power distribution business (Radius) as well as Ørsted’s residential customer and city light businesses, could establish a dominating position in the natural gas market. SEAS-NVE will therefore divest 107,000 natural gas customers. An additional 44,000 heat service customers are included in the transaction. Both customer segments emerge from the transaction between SEAS-NVE and Ørsted.

The transaction includes no physical assets and is subject to regulatory approvals by the competition authorities. Closing is expected to take place during autumn 2020.

FIH Partners acted as exclusive financial advisor to SEAS-NVE A.m.B.A.