Goldman Sachs Group Inc (NYSE:GS) is selling a 1.78% stake in Danish offshore wind-focused utility Dong Energy A/S (CPH:DENERG) for about DKK 2.4 billion (USD 385m/EUR 324m), the latter announced today.
Luxembourg company New Energy Investment Sarl (NEI), which is controlled indirectly by Goldman’s merchant banking division, has agreed to sell 7.5 million existing shares in Dong Energy to institutional investors, at a price of DKK 321 per share.
By doing so, NEI will reduce its stake in the Danish company to 2.7% from 4.5%. Following settlement of the transaction, it will hold some 11.44 million Dong Energy shares.
The move comes after in May NEI sold a 2.5% interest in Dong Energy at DKK 270 apiece, or a total of DKK 2.84 billion. Before that, in February, it divested a 6.3% stake in the company for a total of DKK 6.49 billion.
Dong Energy, which is majority owned by the Kingdom of Denmark, received no proceeds from any of these transactions.