Deals
Vienna Utility Buys Stake in Austrian Peer EVN for $1 Billion
- Germany’s EnBW exits Austria 18 years after buying EVN stake
- City opposition claims Vienna overpays in orchestrated deal
Photographer: Hannelore Foerster/Bloomberg
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Vienna utility Wiener Stadtwerke GmbH agreed to buy a stake in neighboring Lower Austria’s EVN AG from Germany’s EnBW Energie Baden-Wuerttemberg AG, tightening Austrian provincial governments’ grip on the power market.
Wiener Stadtwerke agreed to buy EnBW’s 28% stake in EVN, subject to antitrust approvals in Germany and Austria, the municipality-owned company said in a statement Thursday. The parties agreed not to disclose the terms. Vienna becomes EVN’s second-biggest shareholder after Lower Austria, the province surrounding the capital, which owns 51%.