EnBW Energie Baden-Württemberg AG (EnBW) has divested its contracting business to Cologne-based RheinEnergie AG. PwC Germany advised EnBW on this transaction, including the preceding separation of the business unit, also known as a carve-out, as well as on the tax structuring of the sale.
PwC Germany's advisory services included the close integration of carve-out expertise and tax structuring competence to ensure a seamless transition between both project phases. This enabled EnBW to optimise the sale both in terms of timing and tax efficiency.
With the planned acquisition, RheinEnergie intends to significantly expand its energy services business and position itself as one of the three leading providers of complex energy services in Germany. EnBW's contracting portfolio comprises approximately 200 facilities nationwide, characterised by long-standing customer relationships and growth opportunities.
Strategic Realignment at EnBW
For EnBW, this transaction represents a sharpening of its strategic focus, which is part of its extensive investment programme for the transformation of the energy system. Although the contracting business offers good prospects, it is not part of the company's immediate strategic core business.
EnBW plans to invest up to 50 billion EUR by 2030. These funds are primarily earmarked for the expansion of electricity and gas networks, the development of renewable energies, the construction of hydrogen-ready gas-fired power plants, and the electromobility sector.
The transaction was handled internally at EnBW by the tax department under the leadership of Prof. Dr. Gerd Gutekunst and with significant involvement from Erik Schreiber. EnBW Energie Baden-Württemberg AG, headquartered in Karlsruhe, is one of the largest energy companies in Germany and Europe, supplying approximately 5.5 million customers with electricity, gas, water, as well as services and products in the energy and infrastructure sectors.
