29.11.2011 President of the Polish Office of Competition and Consumer Protection gives clearance for PGNiG SA's acquisition of over 99.8% of Vattenfall Heat Poland S.A. shares
On November 29th 2011, the President of the Polish Office of Competition and Consumer Protection unconditionally approved the acquisition by a special purpose vehicle PGNiG SPV1 Sp. z o.o., a wholly-owned subsidiary of PGNiG SA, of 24,591,544 shares (over 99.8% interest) in Vattenfall Heat Poland S.A. (VHP).
Delivery of the approval in writing will mark the fulfilment of the condition precedent to the transaction closing, specified in the preliminary agreement for purchase of VHP shares of August 23rd 2011. PGNiG SA intends to finalise the takeover as soon as possible by executing the final share purchase agreement concerning VHP shares.
The acquisition of CHP plants located in Warsaw is the next milestone, following the Stalowa Wola project, in PGNiG's development as an energy conglomerate. PGNiG's acquisition of the Vattenfall assets in Warsaw will provide the capacity to diversify revenue sources in line with the PGNiG Group's updated strategy, whereby power generation is one of the three core areas of the Company's development.
Following the transaction, the PGNiG Group will be joined by a company which is considered the leader of the Polish power sector, with high operating efficiency, strong financial position and highly qualified and experience personnel.
The acquisition of the heating and power generation assets of Vattenfall Heat Poland has been well received by the market. This transaction, viewed as a significant diversification of PGNiG operations, was one of the factors which prompted Standard & Poor's Financial Services, a rating agency, to raise its outlook for PGNiG. Standard & Poor's also concluded that the transaction would have a positive effect on the evaluation of PGNiG's risk profile in the medium term perspective.
Joanna Zakrzewska
Press Officer
