Mainova Acquisition

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Situational Analysis

The Integra consortium (consisting of Mainova AG, N-Ergie AG and Stadtwerke Hannover AG) together with the KOM9 consortium ( an association of 47 German municipal utilities) have jointly acquired 100% of the shares in Thuega AG from E.ON Ruhrgas AG.

With shareholdings in more than 100 portfolio companies throughout Germany, Thuega is the largest nationwide network of local energy suppliers. The Thuega Group holds a market share of circa 18% of the German gas sales market and approximately 7% of the German power sales market. With about 16,800 employees Thuega Group generated sales of around €15.3bn in 2009.

Mainova AG acquired a stake of 20.53% in Thuega AG via its subsidiary Mainova Beteiligungsgesellschaft mbH and has structured €467m of debt facilities to finance the transaction.

Fieldstone Role

Fieldstone acted as the exclusive debt advisor to Mainova AG in developing, structuring and executing the transaction.