Agence France-PresseJanuary 16, 2014 11:30
Swedish state-owned energy group Vattenfall said on Thursday it had agreed to sell the electricity grid in Hamburg to the German city, as approved by a referendum.
The value of the transaction, still to be determined, is expected to be about 400 million euros ($545 million).
"A jointly appointed external valuation company will determine the final value of the company," Vattenfall said in a statement.
Vattenfall owns 74.9 percent of the electricity grid company, Stromnetz Hamburg, while the remaining 25.1 percent belongs to the German city.