German energy company RWE completes sale of oil and gas division to Russian-linked company
German energy company RWE says it has completed the 5.1 billion euro ($5.7 billion) sale of its oil and gas exploration and production division to a Russian-linked investment company.
RWE AG announced the planned sale of its Dea unit to LetterOne Group, an international investment arm of Russian billionaire Mikhail Fridman's Alfa Group, last March — just as tensions between Russia and the West over Ukraine mounted. The German government gave its clearance for the deal last summer.
RWE Chief Executive Peter Terium said Monday that "both parties negotiated good value for money, and RWE can now focus fully on its core business." The deal is meant in part to allow RWE to pay off debt.
Fridman said in a statement that "our ambition is to develop and grow Dea."