Eon, the German utility, has unveiled a complex €43bn deal to acquire Innogy, the renewable energy business, from its controlling shareholder RWE as well as a series of assets swaps that will dramatically remake Germany’s energy sector.
Under the terms of a deal unveiled on Sunday, Eon will become a company purely focused on providing energy networks and services to retail customers, while RWE will acquire Eon and Innogy’s renewables businesses and take a 16.7% stake in Eon.
The deal amounts to an ambitious transformation of some of Europe’s most critical energy companies and a clear indication that Eon and RWE are back on the offensive after years of retrenchment and a series of regulatory blows.
It is also the latest high-profile transaction in the German energy market in a matter of months, after Eon sold a minority stake in its former subsidiary Uniper to Finland’s Fortum for €3.8bn in January.
Full Content: Financial Times
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