Reuters) - German utility RWE on Sunday said it has reached an agreement in principle to sell a 76.8 percent stake in its renewables arm Innogy to German rival E.On.
Innogy is currently valued at around 19 billion euros ($23.38 billion).
Through the takeover, which includes an asset swap deal, E.ON will focus its business on energy networks and customer solutions, while RWE will take on the renewables businesses of both E.ON and RWE.