OREANDA-NEWS. 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.