The LetterOne Group and RWE AG has completed RWE’s sale of RWE Dea AG to LetterOne. In January, both parties had announced their plans to complete the transaction at the beginning of this month. The agreed enterprise value is approximately €5.1 billion based on current exchange rates. Due to exchange rate fluctuations, this is slightly higher than the amount agreed on when the sale was announced in January.

Peter Terium, CEO of RWE AG: 'The sale of RWE Dea demonstrates that even in difficult conditions, we continue to realize our plans. Both parties negotiated good value for money, and RWE can now focus fully on its core business.' He continued by saying that the transaction was not only an important milestone for the RWE Group but that it was beneficial for all involved – including Dea and its workforce. 'Dea gets a new owner who wants to invest long term in the oil and gas production business and will guide the company into a positive future.'

Tags: LetterOne Group, RWE Group