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Vattenfall in $1.75 billion deal to sell Berlin heat business

Reuters
·1 min read
Germany biggest heat accumulator at its final construction phase

HELSINKI (Reuters) - Sweden's Vattenfall said on Tuesday it has agreed to sell its district heating business in Berlin to the State of Berlin for around 1.6 billion euros ($1.75 billion).

The enterprise value of the business, which includes debt, was set to just below 2 billion euros, Vattenfall added.

The deal, first announced in October, is expected to close during the second quarter of 2024, the company said.

Berlin will also have the option to purchase Vattenfall's 31.58% share in gas distributor GASAG AG, it added.

($1 = 0.9125 euros)

(Reporting by Essi Lehto, editing by Terje Solsvik)