German power firm E.ON is selling off its German gas transmission firm for €3.2 billion (£2.5bn), it announced yesterday. A consortium of investors is buying Open Grid Europe (OGE), which has been an independent operator since 2010.
The deal will help bring E.ON closer to its goal of generating roughly €15 billion (£12bn) in sales by the end of 2013. E.ON wants to use this money to reduce its debt and invest in growth businesses.
The German firm recently ditched its nuclear plans for Britain, after trouble with cash flow which was linked to Germany’s U-turn against nuclear power, E.ON UK’s chief executive Dr Tony Cocker said this week.