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  • Divestment of RWE Dea for an Enterprise Value of USD5 billion
    édité le 16/01/2015 - Plus de news de "RWE" - Voir la fiche entreprise de "RWE"

Divestment of RWE Dea for an Enterprise Value of USD5 billion
RWE AG and LetterOne Group have agreed to complete the sale of RWE Dea in its entirety by early March 2015, at the latest. An enterprise value of ca. € 5 billion based on current exchange rates has been agreed. The adjustment to the value communicated in March 2014 reflects developments relating to certain exploration and production licenses.

As part of the revised transaction LetterOne Group will keep Dea UK separate from the remaining RWE Dea activities for a number of years. In the unlikely event that sanctions on LetterOne or its owners were imposed, RWE will retain the obligation to re-purchase the UK business during the first year post completion of the sale of RWE Dea. If triggered, this acquisition would be carried out on the basis of a pre-determined purchase price formula in order to proceed with a subsequent on-sale of the UK business to an independent third party buyer.

Peter Terium, CEO of RWE AG: “The economics are attractive and therefore the Dea disposal remains an essential step towards executing our strategy and improving our financial strength. We are on track!”

Mikhail Fridman, Chairman of LetterOne Group: “We are pleased to have reached a final agreement with RWE. Dea is a strategic transaction for LetterOne and will serve as a platform for further growth in the industry. We look forward to completing the transaction in the coming weeks.”

The closing of the transaction will now only be subject to the approval of the Supervisory Board of RWE AG and the non-occurrence of a material adverse change in RWE Dea’s business, as customary in transactions of this size.

About LetterOne Group

LetterOne is a privately owned Luxembourg-based global investment vehicle which was founded in 2013. It is focused on utilising its financial resources, management and investment expertise to make value-driven investments in the Energy and Telecoms sectors through L1 Energy and LetterOne Telecom.

About RWE Dea

RWE Dea AG, headquartered in Hamburg, is an international company engaged in the exploration and production of natural gas and crude oil. The company deploys state-of-the-art drilling and production technologies and puts its many years’ experience acquired to good use in its activities. RWE Dea has set new standards in the fields of safety and environmental protection.

RWE Dea has stakes in production facilities and concessions in Germany, the UK, Norway, Denmark, Egypt and Algeria, and holds exploration licenses in Ireland, Libya, Mauritania, Poland, Suriname, Trinidad & Tobago, and Turkmenistan. Moreover, in Germany RWE Dea operates large subterranean storage facilities for natural gas. RWE Dea is part of the RWE Group, one of Europe’s largest energy utilities.

Origine : Communiqué RWE

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