RWE Completes Sale of Dea to LetterOne

Germany’s RWE completed the sale of its Dea AG for $5.7 billion (€ 5.1.billion) to LetterOne, a group of Russian investors led by Mikhail Fridman, overcoming a previous statement by UK’s Department of Energy and Climate Change. On Saturday, the British government said it would have not approved the sale of the gas fields in British waters. 

“The sale of RWE Dea demonstrates that even in difficult conditions, we continue to realize our plans. Both parties negotiated good value for money, and RWE can now focus fully on its core business” Peter Terium, CEO of RWE AG, commented. 

The German company said that Letter One is expected to invest long term in production in the North Sea. Fridman confirmed it. 

“Our ambition is to develop and grow Dea. We are convinced that the current macroeconomic environment and the low oil price, give us an opportunity to achieve our ambition” Fridman, Chairman of LetterOne, commented.