Mitsubishi to buy Dutch power firm Eneco for 4.1 billion euros

Eneco, the Dutch energy company owned by 44 cities, has agreed to be purchased by a consortium led by Japan's Mitsubishi Corp in a deal that values it at 4.1 billion euros ($4.52 billion), it said on Monday.

Eneco said it had been swayed by Mitsubishi's plans to allow the company to continue its strategic plans to invest heavily in renewable energy.

Under the terms of the deal, Mitsubishi will own 80% of Eneco and partner Chubu 20%.

The deal, which is backed by Eneco's boards, must still be approved next year by Eneco's municipal shareholders.