With a team led by Dr. Armin Freiherr von Grießenbeck, Partner at the law firm’s Munich office, Heuking Kühn Lüer Wojtek advised Grundgrün Energie GmbH, one of the major energy suppliers and service providers for renewable energies (headquartered in Berlin) with worldwide revenue of some 160 million euros, on the sale of its core business (asset deal) to EnBW (headquartered in Karlsruhe), Germany’s third-largest electricity supplier with consolidated revenue of some 21 billion euros. Heuking Kühn Lüer Wojtek led all contract negotiations on behalf of Grundgrün Energie GmbH up to conclusion of the contract.
In the future, a large portion of direct marketing contracts will be continued by EnBW. Approval by the Federal Cartel Office is still required. The purchase price was not disclosed. Closing is expected for early summer.
Residential and commercial customers with standard load profile may switch to tariff of Naturenergie+ Deutschland GmbH, an EnBW subsidiary. The electricity of direct marketing customers will be marketed at EnBW’s existing conditions.
Berlin-based Grundgrün Energie GmbH is a direct marketer for power plants funded under the Renewable Energies Act – primarily wind, solar, and biomass plants. The company, founded in 2010, also offers procurement and supply services and develops solutions along the entire electricity value chain.
EnBW Energie Baden-Württemberg AG is a publicly listed energy supplier headquartered in Karlsruhe. The company was established in1997. Employing some 20,000 people, EnBW supplies 5.5 million customers with electricity, gas, water, and energy-related products and services.
Counsel to Grundgrün Energie GmbH
Heuking Kühn Lüer Wojtek:
Dr. Armin Freiherr von Grießenbeck (Lead);
Dr. Frank Metz,
Dr. Ulrich Jork (both M&A),
Dr. Reinhard Siegert (Antitrust),
Dr. Stephan Degen, Tax Advisor, Maître en Droit Munich (Reorganization),
Steffen Wilberg (Real Estate), all Munich
Astrid Reich (Employment), Berlin