E.ON has finalised the sale of its high-voltage transmission network, Transpower Stromübertragungs (Transpower) to TenneT Holding, the company has announced.

The sale is valued at €885m.

Transpower evolved in 2009 when E.ON was split into two separate entities to fulfil agreements with the European Commission.

The subsidiary manages E.ON’s additional capacity of 11,000km long extra-high voltage grid (220/380kV) through its four branches in Germany.

TenneT has procured all shares in Transpower with effect from 31 December 2009 and the sale is also in line with E.ON’s agreements with the European Commission.

TenneT will come out with an integration plan to establish the future structure and strategic aims of the new company.