Uniper spin-off and Frankfurt Stock Exchange IPO

Overview:

• Germany's largest utility Eon spun off its conventional energy business into a new company Uniper.
• Following the spin off, Uniper, which operates what was Eon's power plant and energy trading business, negotiated a €5 billion syndicated loan in June 2016.  
• Uniper went public in September 2016, with its Frankfurt IPO valuing the company at €3.9 billion.
• JPMorgan and Morgan Stanley were lead underwriters on the IPO.
• Eon chose to separate its loss-making conventional business to raise funds to invest in renewable energy production and transportation.
• German utilities with conventional businesses have struggled since the country's decision to phase out nuclear and fossil fuels. 

Ben Naylor - Regional editor