Vattenfall

For Swedish utility company Vattenfall, the Netherlands was the missing link in its strategic and geographical footprint. In order to create a leading position in the Dutch market, it sought a major takeover. That demanded a bank that could offer not just financial expertise but also excellent understanding of the Dutch utility sector and political arena. Vattenfall chose NIBC.

 

 

Our work as a ‘local navigator’, providing important industrial and political insights, helped Vattenfall seal a transformational deal to acquire Dutch utility company Nuon. With an enterprise value of EUR 8.5 billion, it was the largest takeover in Swedish history.

 

“I knew NIBC was very well networked in both the Dutch utility market and Dutch politics. They could inform us about the drivers and limitations of the Dutch market,” says Mikael Kramer, Head of M&A at Vattenfall. “Shareholders of Nuon are Dutch provinces and municipalities, and national legislators were monitoring the deal very closely, so the takeover was a very political process. We were happy to tap into NIBC’s understanding of Nuon’s key stakeholders and Dutch politics.”

NIBC was assertive in challenging Vattenfall’s plans at times, convincing the Swedes to take or refrain from certain steps because of sensitivities in the political arena or utility market. Vattenfall highly valued this well-informed advice, based on our deep understanding of Dutch political intricacies.

  

“Cooperation with NIBC was very smooth and efficient,” says Kramer. “The bank had a deep understanding of Vattenfall’s goal and strategy and was able to convince us of what the right approach would be. There was a good fit at the personal level as well.”