German energy giant E.On agreed to swap a range of assets with rival RWE, the latest in a yearslong series of deals unleashed by Chancellor Angela Merkel’s 2011 renewable-energy revolution.
German energy giant E.On agreed to swap a range of assets with rival RWE, the latest in a yearslong series of deals unleashed by Chancellor Angela Merkel’s 2011 renewable-energy revolution.
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.