The Chinese gas distribution company ENN Energy Holdings Ltd. has received an offer from the largest shareholder of ENN Natural Gas Co. about the purchase of the remaining shares. This is reported in a press release from ENN Energy.
The financing of the transaction provides for the payment of HK$24.5 per share in cash and 2.94 million shares of ENN Natural Gas per share of ENN Energy for a total company value of HK$90.5 billion ($11.6 billion).
The deal is part of the reorganization of ENN Natural Gas before listing in Hong Kong. Currently, ENN Natural Gas owns about 34% of ENN Energy shares through a division of Xinneng (Hong Kong) Energy Investment and does not intend to increase the value of the offer.
ENN Natural Gas is a Chinese energy company and one of the largest private companies in China. The company's portfolio includes assets in the solar energy, energy chemicals and real estate sectors. The headquarters is located in Langfang (China).
ENN Energy is a Chinese gas distribution company and operator of gas pipelines in China. The company includes divisions of retail gas sales, integrated energy business, construction and installation works, etc. The headquarters is located in Langfang (China). Net profit in 2024 amounted to 5.99 billion yuan ($825 million), which is 12% less than in 2023 due to lower gas prices amid weakening demand.
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