Deal Announcement 08/20: Energy
PwC acted as exclusive financial advisor to PGNiG Supply & Trading GmbH on the sale of the customer portfolios of its two German B2C energy retail subsidiaries PST Europe Sales GmbH & XOOL GmbH to lekker Energie GmbH
The Deal
The German PwC Deals Energy Team is pleased to announce the closing of the sale of the customer portfolios of PST Europe Sales GmbH and its subsidiary XOOL GmbH to lekker Energie GmbH.
PST Europe Sales GmbH and its subsidiary XOOL GmbH were the subsidiaries of PGNiG Supply & Trading GmbH.
Due to the strategic reorientation, PGNiG Supply & Trading GmbH had concluded to divest from the German energy retail subsidiaries PST Europe Sales GmbH and XOOL GmbH. The M&A process resulted in lekker Energie GmbH acquiring both customer portfolios via a share deal structure.
The share purchase agreement was signed in June 2020 and the transaction was closed in August 2020.
PST Europe Sales GmbH & XOOL GmbH
PST Europe Sales & XOOL GmbH acted as German energy retailers supplying their approximately 40,000 mainly residential customers with electricity & natural gas.
PGNiG Supply & Trading GmbH
PGNiG Supply & Trading GmbH is the international energy trading subsidiary of the Polish state-controlled oil and gas company PGNiG S.A. (Polskie Górnictwo Naftowe i Gazownictwo S.A.).
PGNiG S.A. is the leading company in the Polish natural gas market and one of the biggest companies traded on the Warsaw stock exchange market. It engages in exploration and production of gas and oil and operates in several countries. PGNiG is distributing energy to over 7 million households in Poland and thousands of business clients. In 2020, the PGNiG Group’s revenue amounted to approx. €8.8m and employed approx. 25,000 people.
lekker Energie GmbH
With its more than 400,000 electricity and natural gas customers, lekker Energie is one of the largest energy retailers in Germany. The company was acquired in 2011 by the SWK Stadtwerke Krefeld AG group (municipal utility of German city Krefeld).
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.
PwC Deals Energy
The German Deals Energy Team was set up in 2019 and is headed by Steffen Apfel. It combines M&A expertise with in-depth energy sector know how and has trustful relationships with relevant decision makers in the energy industry.
PwC Deals Energy acted as exclusive financial advisor to PGNiG Supply & Trading GmbH on this transaction. The transaction was led by Steffen Apfel (Partner) and Reinhard Rümler (Senior Manager) and supported by Axel Reinert (Senior Associate).
