E.ON to acquire innogy in asset-swap with RWE

A new deal between the German utilities will see E.ON focus on energy networks while RWE takes over the companies’ renewable units

Big Zero Report 2022

E.ON is to buy innogy from parent company RWE in a deal based on a wide-ranging exchange of assets.

The agreement between the German utilities will see E.ON acquire RWE’s 76.8% stake in innogy, following approval from the boards of each company.

In return, E.ON will grant RWE 16.7% of its own shares, transfer most of its renewables business and let go of the minority interests held by its subsidiary PreussenElektra in a number of RWE-operated nuclear power plants.

RWE would receive innogy’s renewables business, gas storage business and its stake in the Austrian energy supplier Kelag.

The transaction further provides for a cash payment from RWE to E.ON of €1.5 billion (£1.1bn).

E.ON aims to focus on energy networks and customer solutions while the renewables businesses of both firms would be brought together under the umbrella of RWE.

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