RWE to sell exploration and production division

Offshore staff

HAMBURG, Germany – LetterOne Group has agreed to purchase RWE Dea from the RWE group, under a deal valued at around €5.1 billion ($7.1 billion). This includes around €0.6 billion ($835 million) in assumed liabilities.

The transaction remains subject to the approval of RWE’s supervisory board and of authorities in various countries, but should close later this year.

RWE Dea has E&P interests offshore Germany, the UK, Norway, Denmark and Egypt, with exploration licenses offshore Turkmenistan, Suriname, and Trinidad & Tobago.

LetterOne is a privately owned Luxembourg-based investment concern founded in 2013 and reportedly backed by Russian billionaire Mikhail Fridman.

03/17/2014

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