Private investment in DONG Energy finalised

State-owned energy giant takes on three partners

Dec 2, 2013

Three private investors – ATP, Goldman Sachs and pension fund PFA – have officially bought into state-owned energy company DONG. The buy-in drops the government’s percentage of ownership in DONG from 81 percent to 60 percent.

Between them, the three companies invested eleven billion kroner into DONG. Goldman Sachs is investing 8 billion kroner, ATP 2.2 billion and PFA just under a billion kroner. The deal was first announced in October.

DONG plans on using the infusion of cash to keep pace in the growing offshore wind energy market.

"The new capital means that we can implement our growth strategy, including our significant investments in offshore wind,” wrote DONG Energy head Fritz Schur in a statement. “DONG Energy is already a global leader in wind, and our goal is to become even stronger.”

Schur said that as part of the deal, the partners agreed to work toward an initial public offering of DONG Energy A/S “when the timing and market conditions are right”.

After the IPO, the Danish state will remain the majority shareholder.

“I am pleased that we now have agreements with Goldman Sachs, ATP and PFA in place,” the finance minister, Bjarne Corydon (S), said in a statement. “This allows the company to continue its ambitious investment in offshore wind farms and continue to be a leading player in the green transition in Europe.”

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