HMN Naturgas sells trading company with 215,000 natural gas customers04.07.2017
Denmark’s largest gas company, HMN Naturgas, has today announced its sale of its trading company, HMN Naturgas A/S, with 215,000 customers to the energy companies SEAS-NVE and Eniig.
In spring, HMN Naturgas I/S decided to sell the commercial part of its business activities as a result of the Danish government’s supply strategy which aims at joining the gas distribution networks and separating the network companies (responsible for the operation and maintenance of the distribution network) and the trading companies (responsible for sales and customer services).
Following this, an agreement on the sale of the trading company, HMN Naturgas A/S, to the energy companies SEAS-NVE and Eniig has been signed today. The total customer portfolio of 215,000 customers will be divided between SEAS-NVE and Eniig and subsequently included in the two existing companies’ gas business.
The transaction is subject to the approval by the regulatory authorities and the approval by the committee of representatives of HMN Naturgas I/S as well as to the adoption by the Danish Parliament of new rules regarding set-off of the net proceeds from the divestment of natural gas activities against the municipal block grant.
Concurrently with the transaction, HMN Naturgas I/S has entered into a heads of agreement with the Danish state on the takeover of the gas network.
HMN Naturgas I/S is Denmark’s largest gas company and supplies gas to a quarter of a million households and businesses. The group is owned by 57 municipalities in the Copenhagen metropolitan area and mid and northern Jutland. The group consists of the gas distribution company HMN GasNet P/S and the gas trading company HMN Naturgas A/S as well as two minor companies within biogas and gas for transportation.
SEAS-NVE is Denmark’s largest cooperative energy and fibre net group with more than 400,000 customers and cooperative owners. The group has more than 800 employees and, in 2016, its turnover was 3.5 billion DKK.
Eniig is a cooperative company owned by 383,000 cooperative owners in mid and northern Jutland. The company is i.a. engaged in electricity and heating supply, fibre broadband, electricity, gas and street lighting and has approx. 1,000 employees.
Bruun & Hjejle acted as legal adviser to HMN Naturgas.