HKCF advises Vattenfall on the sale of a minority stake in Städtische Werke Kassel to Thüga

Vattenfall Europe Sales GmbH has successfully sold its minority shareholding in Städtische Werke Aktiengesellschaft, Kassel to Thüga Aktiengesellschaft. The transaction was completed in December 2010. HKCF Corporate Finance GmbH acted as exclusive M&A advisor to Vattenfall throughout the process.

The sale is in line with Vattenfall’s strategic focus on its core markets and business activities. The shareholding in Städtische Werke Kassel originated from earlier investment transactions and has now been transferred to a strategically aligned partner through a structured sale process.

Strengthening Municipal Structures through Thüga
Thüga AG, Germany’s largest network of municipal energy and water supply companies, is reinforcing its presence in the northern Hesse region with this acquisition. The investment aligns with Thüga’s long-term strategy of supporting municipal utilities in their development and in addressing future challenges such as the energy transition.

HKCF Acts as Exclusive M&A Advisor
HKCF Corporate Finance GmbH was responsible for structuring and managing the entire sales process, supporting Vattenfall in the selection of a suitable partner and negotiating the terms of the transaction. “This transaction demonstrates that strategic divestitures can be successfully executed even in a complex energy market environment — provided they are carefully structured and guided by a clear strategic vision,” said Martin Lawin, founding partner at HKCF. The sale represents a financially sound and strategically appropriate outcome for all parties involved. The purchase price remains confidential.