A Japanese consortium led by Mitsubishi Corp has agreed to buy Dutch energy company Eneco for €4.1 billion, beating rival offers from oil major Shell and private equity firm KKR.

Mitsubishi and partner Chubu Electric Power are acquiring all shares of Eneco, which is currently owned by 44 Dutch municipalities, the vast majority of which are said to have expressed an interest in selling their holdings.

The pair “made the best offer for the shareholders and all other stakeholders of Eneco, including its employees, with the best terms and conditions including price and deal certainty,” Eneco said in a statement.

In taking the company private, Mitsubishi will own 80% and Nagoya-headquartered Chubu 20%, assuming the deal is approved by Eneco’s municipal shareholders.

Eneco said the agreement is supported unanimously by its management and supervisory boards, “who consider it to be in the best interest of Eneco and all of its stakeholders”.

Eneco, which will remain based in Rotterdam, is one of the largest suppliers of natural gas and electricity in the Netherlands, also operating a fleet of renewables projects in the country and elsewhere, as well as businesses specialising in energy and biomass trading, smart metres, and electric vehicle charging.

Mitsubishi said it plans to transfer part of its more than 400 MW in Dutch offshore wind power activities to Eneco, and it will give the company a €1 billion loan to fund long-term investments, mainly new wind and solar in the Netherlands.

According to Reuters, Shell had teamed up with Dutch pension fund manager PGGM in its bid, while KKR partnered with local lender Rabobank.

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