Slovensky plynarensky priemysel Acquisition, Valuation, Funding & Investors

Slovensky plynarensky priemysel was acquired by Government of Slovakia for $159M in September 2013.

Slovensky plynarensky priemysel acquisition price

$159M

Acquired by Government of Slovakia · Sep 2013

Cumulative funding Slovensky plynarensky priemysel raised

$3.5B

across 2 funding rounds

Key investors in Slovensky plynarensky priemysel

Slovensky plynarensky priemysel Overview

About Slovensky plynarensky priemysel

Slovensky plynarensky priemysel, known as SPP, is a Slovak gas and energy group headquartered in Bratislava and owned by the Slovak state. It is the dominant natural gas supplier in Slovakia, selling gas and electricity to households, small businesses and large industrial customers. The group's history reaches back to a state gas monopoly created in 1988, and it was partially privatised in 2002 before returning to full state ownership in 2014. Through affiliated infrastructure companies it has been linked with the Eustream transit pipeline, gas distribution networks and underground storage. SPP buys gas on long-term contracts and resells it to end users, earning its revenue from gas and power supply. It also sells energy services and has diversified into electricity supply.


Founded

1988

HQ

SlovakiaBratislava

Website

spp.sk

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Usage-based

Valuation

$7B (Jan 2013)

Slovensky plynarensky priemysel Acquisition

Slovensky plynarensky priemysel was acquired by Government of Slovakia for $159M on 4 September 2013.

Before the acquisition Slovensky plynarensky priemysel had raised $3.5B across 2 funding rounds.

On 4 September 2013 Slovak prime minister Robert Fico announced an agreement with Energeticky a Prumyslovy Holding (EPH) under which the Slovak state would take over the 49% of Slovensky plynarensky priemysel (SPP) shares held through Slovak Gas Holding, together with managerial control, and so become the sole owner of the gas supplier. The state paid by taking on EUR 59 million of debt assigned to EPH rather than in cash. The gas infrastructure companies previously controlled by SPP, namely the Eustream transmission operator, the SPP-distribucia network and the storage business, were to move into a new structure in which the state kept 51% and EPH kept 49% and management control. The government wanted to end a dispute with the foreign co-owners over household gas prices, which had gone to arbitration, and planned to restructure the loss-making supplier and renegotiate its Gazprom Export contract. The opposition argued that the state had in effect absorbed SPP's debt. The reorganisation left the state as sole owner of SPP in 2014.

Slovensky plynarensky priemysel acquisition details
AcquirerDateTypePrice
  • Government of Slovakia
4 Sep 2013Strategic M&A$159M

Sources: osw.waw.pl, en.wikipedia.org

Slovensky plynarensky priemysel Valuation

Slovensky plynarensky priemysel is currently valued at $7B, based on its strategic investment round in January 2013. Read the announcement ↗

The $3.5B round was led by Energeticky a Prumyslovy Holding.

Slovensky plynarensky priemysel's valuation has grown 1.3x from $5.5B at its strategic investment round in July 2002 to $7B in January 2013, across 2 priced rounds.

Slovensky plynarensky priemysel valuation by funding round

Slovensky plynarensky priemysel valuation by funding round
DateStageValuation
Jan 2013Strategic investment$7B
Jul 2002Strategic investment$5.5B

Slovensky plynarensky priemysel Funding History

Slovensky plynarensky priemysel has raised a total of $3.5B across 2 funding rounds.

Slovensky plynarensky priemysel's first fundraising round was a strategic investment round in July 2002. The most recent completed round was a $3.5B strategic investment round in January 2013.

Slovensky plynarensky priemysel funding rounds

Slovensky plynarensky priemysel funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2013Strategic investmentEnergeticky a Prumyslovy Holding (lead)$3.5B$7BOn 15 January 2013 the Czech energy group Energeticky a Prumyslovy Holding (EPH) signed an agreement with E.ON and GDF Suez to buy 100% of Slovak Gas Holding, their 50/50 joint venture, for about EUR 2.6 billion. The vehicle held 49% of Slovensky plynarensky priemysel (SPP) and management control, while the Slovak state kept the remaining 51% and had consented to the sale; E.ON and GDF Suez each received about EUR 1.3 billion for their 24.5%. It was described as the largest investment by a Czech buyer abroad and made EPH one of the largest Central European energy companies. SPP is the market leader in gas supply in Slovakia, supplying about 90% of households, and operates the Eustream transit pipeline, with roughly 4,000 employees and consolidated 2012 revenue of EUR 2,739 million. The state later reshaped the structure: in September 2013 it agreed to take over the 49% of SPP shares in exchange for assuming EUR 59 million of debt, while EPH kept management control and 49% of the infrastructure businesses, leaving the state the sole owner of SPP by 2014.
Jul 2002Strategic investmentE.ON; Engie-$5.5BIn 2002 the Slovak government sold a 49% stake in Slovensky plynarensky priemysel (SPP) to a consortium of Germany's Ruhrgas (now E.ON Ruhrgas) and France's Gaz de France (now GDF Suez), which took 24.5% each and held the shares through Slovak Gas Holding. The purchase price was USD 2.7 billion, equivalent to about SKK 121 billion, and the sale came shortly before a general election with only a single bid in the tender, and critics later argued the stake had been sold below value. Russian Gazprom held an option to join the consortium but did not use it. The state, through the National Property Fund, kept 51% while the foreign owners obtained management control, and they made gas prices cover costs a condition of entry. Over the next decade they received about EUR 3.6 billion in dividends. SPP is Slovakia's dominant gas supplier and the operator of the Eustream pipeline that carries Russian gas to Western Europe, based in Bratislava.

Who has invested in Slovensky plynarensky priemysel?

3 investors have backed Slovensky plynarensky priemysel across its funding rounds, including Engie, E.ON and Energeticky a Prumyslovy Holding.

Lead investors include Energeticky a Prumyslovy Holding.


Slovensky plynarensky priemysel Investors

Investors in Slovensky plynarensky priemysel by funding rounds participated
InvestorHQRoundsRoleFirst check
E.ONGermanyEssen1ParticipantJul 2002

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Slovensky plynarensky priemysel Competitors

Slovensky plynarensky priemysel competitors include listed companies like Beijing Energy, RGC Resources and New Fortress Energy, and private ones like AGN Energia, Gridspertise and Nuv Energia.

Public and private companies comparable to Slovensky plynarensky priemysel
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Beijing EnergyChinaChinaPublicly listed$1.2B$927M$198M-
RGC ResourcesUnited StatesUnited StatesPublicly listed$95M$35M$242M3.6x
AGN EnergiaItalyGenoaPrivate$598M$41M$254M0.4x
New Fortress EnergyUnited StatesUnited StatesPublicly listed$1.5B($826M)$73M-
GridspertiseItalyRomePrivate--$719M-
Nuv EnergiaBrazilSão PauloPrivate--$34M-

Slovensky plynarensky priemysel Public Comps

Slovensky plynarensky priemysel is no longer listed, but its public comps include Jacktel, Fintel Energija, Magnora, Studsvik, Entech, HMS Bergbau, Mammoth Energy Services, Siljansvik, Transportadora de Gas del Norte and 7C Solarparken.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Jacktel$70M$57M3.1x3.2x3.9x5.5x
Fintel Energija$26M$18M9.7x-14.2x-
Magnora$10M$877K9.1x15.9x108.6x(13.8x)
Studsvik$90M$10M2.0x2.0x17.9x19.9x
Entech$85M$4M2.0x1.2x43.2x16.6x
HMS Bergbau$1.4B$67M0.2x0.1x4.0x4.6x
Mammoth Energy Services$44M($51M)2.6x2.6x(2.3x)-
Siljansvik$4M$780K17.6x-98.2x-

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Common questions about Slovensky plynarensky priemysel

When was Slovensky plynarensky priemysel founded?Slovensky plynarensky priemysel was founded in 1988.
Where is Slovensky plynarensky priemysel headquartered?Slovensky plynarensky priemysel is headquartered in Bratislava, Slovakia.
Is Slovensky plynarensky priemysel publicly listed?No, Slovensky plynarensky priemysel was acquired by Government of Slovakia in September 2013.
Who acquired Slovensky plynarensky priemysel?Slovensky plynarensky priemysel was acquired by Government of Slovakia in September 2013.
How much was Slovensky plynarensky priemysel acquired for?Slovensky plynarensky priemysel was acquired for $159M in September 2013.
What is Slovensky plynarensky priemysel's valuation?Slovensky plynarensky priemysel was last valued at $7B in its strategic investment round in January 2013.
How much funding has Slovensky plynarensky priemysel raised?Slovensky plynarensky priemysel has raised $3.5B across 2 funding rounds.
What was Slovensky plynarensky priemysel's last funding round?Slovensky plynarensky priemysel's last funding round was a $3.5B strategic investment round in January 2013, led by Energeticky a Prumyslovy Holding.
Who are Slovensky plynarensky priemysel's investors?Slovensky plynarensky priemysel's investors include E.ON, Engie and Energeticky a Prumyslovy Holding.
Which companies are comparable to Slovensky plynarensky priemysel?Companies comparable to Slovensky plynarensky priemysel include Beijing Energy, RGC Resources, AGN Energia, New Fortress Energy, Gridspertise and Nuv Energia.

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