Eesti Gaas entered into an agreement to acquire EWE group’s energy business in Poland

Ellex in Estonia advises Eesti Gaas, the largest private energy company in the Baltic-Finnish region, in the acquisition of all of EWE group’s business operations in Poland for 120 million euros. The transaction includes a natural gas distribution network in Western Poland and all business lines of energy sales. 

“Our ambition is to expand beyond the Baltic-Finnish region into Central and Western Europe, implementing our proven model and experience as a gas supplier and network operator Poland, thereby delivering the best service to consumers. The acquisition of an energy company in Poland provides us with the necessary momentum in this large and important growing gas market, while also ensuring an additional steady cash flow for the company’s shareholders,” said Ain Hanschmidt, Chairman of the Council of Eesti Gaas. 

Stefan Dohler, Chairman of the Board of Management, EWE AG: “EWE has set itself the goal of significantly increasing its investments in a climate-neutral and more digitalized energy future. To this end, we are focusing on defined strategic growth areas such as the expansion of renewable energies and the development of a hydrogen economy on the one hand, and on our core regions on the other, where we bear special responsibility for the success of the transformation. This means that we are also making portfolio decisions. EWE Polska complements the core business and growth ambitions of Eesti Gaas, so that the change of ownership opens new growth opportunities for the company on the Polish energy market.” 

Eesti Gaas is the largest privately-owned energy company in the Baltic-Finland region. Operating internationally under the Elenger brand, the group is active in six markets – Finland, Estonia, Latvia, Lithuania, Poland, and Germany – and serves over 400,000 customers. The group’s business portfolio spans energy sales and trading, energy infrastructure, and energy production. 

The completion of the transaction requires approval from the Polish Competition Authority as well as corporate approval by the EWE AG Board of Directors. 

The acquisition is advised by Martin Käerdi, partner at Ellex in Estonia.