Goldman Sachs, ATP and PFA have agreed to invest DKK11 billion in DONG Energy - with a final agreement expected to be concluded before the end of 2013.
The Danish state, represented by the ministry of finance, and DONG Energy, have reached an understanding with funds managed by the merchant banking division of Goldman Sachs and the Danish pension funds Arbejdsmarkedets Tillægspension (ATP) and PFA Pension Forsikringsaktieselskab (PFA).
The main terms are that Goldman Sachs, ATP and PFA will invest a total of DKK11 billion in DONG Energy by subscribing for new shares.
The subscription of new shares will be based on a valuation of DONG Energy of DKK31.5 billion prior to the capital increase.
The capital increase is part of DONG Energy's financial action plan announced in February 2013 which included an injection of additional equity of at least DKK6-8 billion.
The agreement will result in the Danish State’s ownership interest in DONG Energy being reduced from approximately 81% to approximately 60% and the total ownership interest of the existing minority shareholders being reduced from approximately 19 to approximately 14%.
The ownership interests of the new investors will be as follows: Goldman Sachs approximately 19%, ATP approximately 5% and PFA approximately 2%.