Verbund is Austria’s leading electricity utility and the fifth largest company listed at the Vienna Stock Exchange, with a market capitalization of approx. Euro 12.5 billion.
Sabanci Holding is a leading industrial and financial conglomerate in Turkey, announced that it signed a cooperation agreement with Verbund to form a jointly controlled and exclusive partnership in respect of Turkey. Through this partnership Sabanci and Verbund is targeting the Turkish electricity market through a vertically integrated business model covering the full value chain through acquisition and/or green-field development of power generation, power distribution and supply and related services as well as power wholesale and trading businesses.
Sabanci and Verbund have announced that Verbund acquired 49.99% stake in EnerjiSa, the entity which holds Sabanci’s existing generation businesses and under development projects for a total sum of USD326.2 mln, reflecting a strong premium paid by Verbund for future projects such as a coal type thermal power plant which will become operational in 2010.
The partnership is a significant move by Sabancı and in line with their strategy of focusing on growing in the core business areas including energy and becoming the leading power player in Turkey.