Enexis plans to sell its 100% stake in Fudura to DIF Capital Partners and PGGM

The Executive Board of Enexis Groep (“Enexis”) intends to sell all the shares in its subsidiary, Fudura B.V. (“Fudura”), to a consortium that consists of DIF Capital Partners and PGGM (‘the Consortium”). Enexis and the Consortium have reached agreement on this. The aim is to finalise the transaction at the end of the second quarter or beginning of the third quarter, after completion of the usual approval and advisory procedures involving the competition authorities, the shareholders of Enexis, and the employee participation bodies.

The transaction

Over the last months, the Executive Board and the Supervisory Board of Enexis Groep have gone through a thorough sales process with a focus on the interests of all stakeholders. Via a pre-qualification and bidding process, Enexis gave selected parties the opportunity to submit an offer for Fudura. As it turned out, the binding offer (in cash) from the Consortium offered the best conditions for Enexis and all Enexis stakeholders (including Fudura, its employees and its clients).

Enexis and the Consortium have not only reached agreement on the price, but also on other terms and conditions such as jobs, sustainability, and continuity for Fudura. The Consortium views Fudura as a platform for the energy transition and will be committed itself to Fudura for the long term. In addition, employment levels and conditions of employment of Fudura’s employees will be safeguarded, and there is also support for the strategy of Fudura and its role in the energy transition. These matters have been set down in the agreement and form an integral part of this transaction.    

Background to the sale

The energy transition is leading to an enormous increase in the work package of Enexis. At present, the grid operator cannot connect its clients to the grid everywhere or on a timely basis, and this is expected to remain a challenge in the coming years as well. In its new strategy, Enexis is therefore focusing on its core tasks: ensuring the safety and reliability of the energy supply, connecting its clients to the grid wherever they are and in a timely fashion, and co-designing, realising, and managing the sustainable energy system of the future in its catchment area. Enexis is making choices in this regard and is looking to strike a good balance within the limited time, money, and capacity available. Tasks that do not contribute to Enexis’s core tasks are being phased out or reorganised. The Executive Board of Enexis has therefore decided to sell its commercial business unit Fudura.

The sale of Fudura will improve Enexis’s financial position as well as its opportunities for financing its core tasks in the energy transition.

Ample growth potential

The proposed sale will also create new opportunities for Fudura. In fact, Fudura will be able to realise its full growth potential more effectively outside of Enexis. "The level of interest in Fudura shown by market players was intense, and it confirmed the important position filled by Fudura in the energy transition. It was quite clear to us that we had to carefully manage the sales process and keep a watchful eye on the strategy of sustainability and the other interests of all employees and customers of Enexis. The Consortium is a solid party with considerable financial resources, within which Fudura will have optimum opportunity to fulfil its growth potential. Its growth potential will be much greater than within our group in view of the current laws and regulations that apply to a grid operator. Outside the framework of Enexis, Fudura will be able to offer a broader package of services and make a greater contribution to make the Netherlands more sustainable," according to Jeroen Sanders, Chief Transition Officer and member of the Executive Board of Enexis Groep.

René Pruijssers, Director of Fudura: "We are a profitable and independent company positioned at the heart of the energy transition. We collaborate closely with our clients in solving complex energy problems. Our market is uniquely positioned for attractive growth. This proposed sale will, together with the Consortium, give us the opportunity to fully realise our growth potential. We look forward to continuing to work on realising the energy transition together with our clients, employees, partners, and new shareholders."

Erik van de Brake, head of Infrastructure at PGGM: "Fudura fits perfectly in PGGM’s strategy to make long-term investments that are financially profitable and have a positive impact on society, on behalf of our clients like Pensioenfonds Zorg en Welzijn. There is a big challenge to realize carbon neutrality in the Netherlands within a few decades and companies like Fudura are playing an important role in achieving this. Next to Fudura there are several other companies in our investment portfolio that play such a key role in speeding up the energy transition.

Gijs Voskuyl, head of Infrastructure at DIF adds: “We are delighted with the acquisition of a 50% stake in Fudura. Fudura’s pioneering role in the energy transition in the Netherlands fits seamlessly with DIF’s own ambitions including having a CO2-neutral investment portfolio by 2050 the latest. In addition, we expect that DIF’s expertise in previous energy transition investments will contribute to a fruitful collaboration with both Fudura and co-shareholder PGGM.”