Stadtwerke Stendal, Germany

Situational Analysis

The transaction was triggered by the German Cartel Office’s condition that E.ON Avacon divests its 37.45% holding in Stadtwerke Stendal,  the local utility in the City of Stendal in eastern Germany.

In December 2007 the City of Stendal acquired a stake of 25% in Stadtwerke Stendal from E.ON Avacon to bring its stake to a majority of 50.1% in Stadtwerke Stendal. In June 2008, the City of Stendal exercised a put option and divested the 25% stake to Gelsenwasser. 

 

Fieldstone Role

Fieldstone acted as the financial advisor to the City of Stendal in both transactions on the structuring and negotiation of the acquisition and shareholder agreements.