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RWE and LetterOne sign purchase agreement
- Enterprise value of RWE Dea around €5.1 billion
- Essential contribution to improving RWE's financial strength
- LetterOne's first significant investment in Germany
- Outstanding platform for LetterOne's future oil and gas growth
RWE AG and LetterOne Group have today signed a contract for the sale of RWE Dea AG at an enterprise value of around €5.1 billion. The enterprise value includes around €0.6 billion in assumed liabilities.
Peter Terium, CEO of RWE AG: "This is an excellent solution both for RWE AG and for RWE Dea. We have come to know the investors as reliable partners and I am delighted that they intend to establish Dea as a platform for their future Group's oil and gas activities."
Mikhail Fridman, Chairman of LetterOne, said: "We believe Dea has an attractive business portfolio and is led by a successful management team. As a responsible investor, we want to drive the company's international growth, enhance performance while preserving Dea's core strengths, including its German base."
Thomas Rappuhn, CEO of RWE Dea, adds: "Management and works council appreciate this development and are very positive about the investor's plans. Dea's assets and the expertise of its professionals offers both parties an excellent foundation on which to build future growth."
The transaction will be subject to the approval of the Supervisory Board of RWE AG and of authorities in several countries. It is expected to close later this year.
About RWE Dea
RWE Dea AG, headquartered in Hamburg, is an international operator in the field of exploration and production of natural gas and crude oil. RWE Dea has production facilities in Germany, the United Kingdom, Norway, Denmark and Egypt; it holds licences in Algeria, Ireland, Libya, Mauritania, Poland, Turkmenistan and Trinidad & Tobago. In Germany, RWE Dea also operates large-scale underground storage facilities for natural gas
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 valuedriven investments in the Energy and Telecoms sectors through L1 Energy and LetterOne Telecom.
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