5 February 2007

Essent and Nuon announce agreement to merge

Dutch energy companies Essent and Nuon have agreed in principle to merge. In terms of equity value (approximately €24bn) the new company will be among the ten largest energy companies in Europe and will form a strong energy company, headquartered in Amsterdam, operating in the evolving Northwest European energy market. The provisional name of the new combination after closing of the transaction is EssentNuon N.V.

The merger requires approval from the shareholders, the formal opinion of the Central Works Councils of Essent and Nuon and approval from the Netherlands Competition Authority (NMA). Essent and Nuon pursue similar strategies in terms of geographical focus, core activities and the way they operate. The Netherlands, Belgium and Germany are their main markets.

Freshfields Bruckhaus Deringer Amsterdam advised Essent on the transaction. The team was led by corporate partner Steven Perrick and competition partner Winfred Knibbeler and included corporate associates Harald Spruit, Juliëtte de Wijkerslooth, Arjen van der Weijden and competition associates Paul Kreijger and Steven Verschuur.

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