RWE and E.ON jointly sold their minority stakes in the Luxembourg utility Enovos to the Grand Duchy of Luxembourg and the investment company Ardian, according to an announcement on Wednesday.
RWE and E.ON signed an agreement on Tuesday to jointly sell their respective 18.4 percent and 10 percent shareholding in the Luxembourg utility Enovos International S.A. to a consortium led by the Grand Duchy of Luxembourg and Ardian, an independent private investment company.
According to the agreement, the transaction is conditional upon the approval by the Municipal Council of the city of Luxembourg, the Supervisory Board of RWE AG and the respective antitrust authorities. The agreement is is expected to close in the first quarter of 2016.
The parties agreed to not disclose the purchase price, the statement read.
RWE is one of Europe’s five leading electricity and gas companies. The company focuses on lignite production, in electricity generation from gas, coal, nuclear and renewables, and in energy trading as well as electricity and gas distribution and supply.
E.ON based in Dusseldorf, is a German energy company focusing entirely on renewables, energy networks and customer solutions.
By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr