Merged with VEAG and Bewag in 2002-2003 to form Vattenfall Europe. (See under Vattenfall Europe.)
In 2001 HEW was Germanys fifth largest power group with around one million customers, a turnover of 4bn and 14,000 employees.
In a memorandum of understanding in 2002, the three companies involved in HEW agreed that Sydkraft and e.on Energie would sell all of their shares in HEW to Vattenfall. In return, Vattenfall would pay a cash amount of SEK 4,210 million ( 495 million) and transfer shares and interests in companies in Sweden, Norway, Lithuania, and the Czech Republic to the other two companies.
The agreement means that Vattenfall, which already owned 26.2 % of the shares in HEW, acquired another 37.2 % of the voting rights and share capital. Vattenfall also agreed to acquire 7.8 % of the shares in HEW from institutional investors for a total stake of 71.2 %.