RWE AG and LetterOne Group have agreed terms for the sale of RWE Dea for about €5.1bn and on the major contractual conditions, including €0.6bn in assumed liabilities. They will clarify the further details shortly in order to enter into the sale and purchase agreement. The transaction will be subject to the approval of the Supervisory Board of RWE and of authorities in several countries. It is expected to close later in 2014. LetterOne Group is an investment vehicle set up by the Alfa Group conglomerate (Russia), created in 2013 by billionaire Mikhail Fridman to invest US$20bn in global oil and gas projects.
RWE Dea is an international operator in the field of exploration and production of natural gas and crude oil. RWE Dea has production facilities in Germany, the United Kingdom, Norway, Denmark and Egypt; it holds licences in Algeria, Ireland, Libya, Mauritania, Poland, Turkmenistan and Trinidad & Tobago. In Germany, RWE Dea also operates large-scale underground storage facilities for natural gas.