Gleiss Lutz advises LichtBlick on acquisition of electric heating customer business from E.ON
LichtBlick SE has acquired all the shares in E.ON Heizstrom Nord GmbH and E.ON Heizstrom Süd GmbH (the “targets”) from E.ON Energie Deutschland GmbH (“EDG”).
The shares are being sold as the result of conditions imposed by the European Commission in connection with the merger of E.ON and Innogy. EDG spun off its electric heating customer business to the targets in 2019 in order to fulfil those conditions. The purchase agreement for all the shares in the targets was signed in early March 2020. The transaction has now been officially cleared and subsequently completed. This means that some 260,000 electric heating customers, with around 355,000 electricity supply contracts, are moving to LichtBlick.
As Germany’s largest independent provider of green electricity and green gas, following the takeover of the E.ON portfolio LichtBlick is now supplying clean energy to approximately 1,000,000 customers. The company was founded in Hamburg in 1998 and generated around 700 million euros turnover in 2019.
LichtBlick SE was advised by the following Gleiss Lutz team led by Dr. Patrick Mossler (partner) and Dr. Daniel Heck (counsel, both corporate/M&A, Hamburg): Dr. Johann Wagner (partner), Dr. Hendrik Marchal (counsel, both tax, Hamburg), Dr. Moritz Holm-Hadulla (partner), Dr. Dominik Braun, Martin Nicholas Göbel (all competition/antitrust, Stuttgart), Dr. Christian Hamann (partner, Berlin), Dr. Manuel Klar (both data protection), Dr. Matthias Werner (counsel), Dr. Theresa Uhlenhut (both IP/IT, all Munich), Dr. Mathias Knecht, Dr. Hendrik Quast (both corporate/M&A, Hamburg).
Gleiss Lutz has advised LichtBlick on several occasions on the takeover of customer portfolios in the electricity and gas sectors.