The Denmark government, majority owner of DONG Energy, plans to enter a deal whereby Goldman Sachs and two Danish pension funds will invest DKK 11 billion (approximately $2 billion) for a total 26% ownership interest in the energy company. In addition, the parties agree to seek an initial public offering (IPO) of DONG Energy when conditions are right.
Goldman Sachs will invest DKK 8 billion, with pension funds Arbejdsmarkedets TillÃ¦gspension (ATP) and PFA Pension Forsikringsaktieselskab (PFA) investing DKK 2.2 billion and DKK 0.8 billion, respectively. The ownership interests of the new investors will be as follows: Goldman Sachs approximately 19%, ATP approximately 5% and PFA approximately 2%. The Danish State's ownership interest will be reduced from about 81% to 60%. If the deal receives necessary approvals, DONG Energy expects final agreement to be concluded before year's end.
DONG Energy, which currently has almost 2 GW in offshore wind capacity, announced in September that it plans to reach 6.5 GW by 2020.