business & economy

Vattenfall Sells German Power Net

State-owned Swedish energy giant Vattenfall announced on Friday that it will sell its German power grid to Belgian power network management company Elia and Australian IFM for 810 million euros.

Elia will own 60 percent of the grid and control operations, with IFM holding the rest. IFM is an investment fund that specializes in infrastructure.

The Vattenfall grid serves 18 million people in northern and eastern Germany, stretching 9,700 kilometers across the country.

Reuters reports that the parties are hoping to complete the deal by the end of the second quarter this year.

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