Denmark: Goldman Sachs, ATP, PFA to Invest EUR 1.48 Billion in DONG Energy

October 3, 2013

The Danish State represented by the Ministry of Finance and DONG Energy A/S have reached an understanding with funds managed by the Merchant Banking Division of Goldman Sachs (Goldman Sachs) and the Danish pension funds Arbejdsmarkedets Tillægspension (ATP) and PFA Pension Forsikringsaktieselskab (PFA) on the main terms whereby Goldman Sachs, ATP and PFA will invest a total of DKK 11 billion (around 1.48 Billion) in DONG Energy A/S by subscribing for new shares.

Henrik Poulsen, DONG Energy’s CEO, says:

“DONG Energy has an exciting and profitable growth potential. With the injection of new equity, we have almost fully delivered on our financial action plan and have thus secured the necessary platform for pursuing our ambitions for the coming years.”

“I regard the interest displayed by these three well renowned private investors as a vote of confidence in the company’s potential, our strong market positions and our highly competent employees.”

Andrew Wolff, Head of Goldman Sachs Merchant Banking Division for Europe, Middle East Africa and co-Head of Asia, says:

“DONG Energy is one of the leading energy companies in northern Europe. Henrik Poulsen and his team are world class managers and have set ambitious goals for the company. We believe in this vision and are excited to work with the company and the Danish State to help grow the business and provide environmentally friendly energy and infrastructure for European markets.”

Carsten Stendevad, ATP’s CEO, says:

“This is a great deal for ATP members. We see a significant upside potential in DONG Energy and have great confidence in the ability of the executive team to deliver on the business case. ATP looks forward to working actively with DONG Energy and our co-investors on unlocking value.”

Henrik Heideby, PFA’s President and Group CEO, says:

“We are excited to invest in long term energy production and infrastructure assets through this partnership with DONG Energy. The Company is undergoing a positive development under a highly competent management team and with its strong position in its markets we see attractive growth opportunities. We believe this is a great opportunity to generate an attractive long term return for the benefit of PFA’s customers. The contribution to Denmark’s green energy transformation is an added bonus”.