Clearwater International acted as sole financial adviser to the KOM9 consortium on the acquisition of Thüga AG from E.ON Ruhrgas AG.
The municipal buyer consortia KOM9 and Integra have acquired 100% of the share capital of Thüga AG and its holding companies E.ON Ruhrgas Thüga Holding GmbH and Contigas AG from E.ON Ruhrgas AG, for a cash consideration of €2.9bn. KOM9 is a consortium of 47 municipal utility companies. Integra consists of Stadtwerke Hannover AG (Hanover), Mainova AG (Frankfurt) and N-ERGIE AG (Nuremberg).
With more than 100 portfolio companies, Thüga is Germany’s largest network of municipal energy utilities. Thüga Group, including all participations, represents approx. 20% of the German gas market and about 6% of the German electricity market. With around 19,200 employees, Thüga Group generated sales of approx. €16.4bn in 2008.
Clearwater International, led by partners Dierk Rottmann and Axel Oltmann, advised KOM9.