The UK’s Competition and Markets Authority (CMA) has approved the proposed buyout of E.ON’s 16.67% stake by RWE.
The watchdog investigated the wholesale market of electricity and gas in the UK and found no competition concerns.
The acquisition is part of an asset swap deal which involves breaking up innogy and diving its assets between parent company RWE and E.ON, which intends to solely focus on providing energy networks and services to retail customers.
Under the agreement between the two German companies, RWE is selling its 76.8% stake in innogy for a resulting shareholding in E.ON of 16.67%.
RWE is also buying E.ON’s minority interests in the Emsland and Gundremmingen nuclear power stations operated by the former company, innogy’s gas storage business and its stake in the Austrian power utility Kelag.