Clearwater acted as sole financial adviser to the KOM9 consortium on the acquisition of Thüga AG from E.ON Ruhrgas AG.
The municipal buyer consortia KOM9 and Integra have acquired 100% of the share capital of Thüga AG and its holding companies E.ON Ruhrgas Thüga Holding GmbH and Contigas AG from E.ON Ruhrgas AG, for a cash consideration of €2.9bn. KOM9 is a consortium of 47 municipal utility companies. Integra consists of Stadtwerke Hannover AG (Hanover), Mainova AG (Frankfurt) and N-ERGIE AG (Nuremberg).
With more than 100 portfolio companies, Thüga is Germany’s largest network of municipal energy utilities. Thüga Group, including all participations, represents approx. 20% of the German gas market and about 6% of the German electricity market. With around 19,200 employees, Thüga Group generated sales of approx. €16.4bn in 2008.