RWE takes control of Innogy's Czech gas grid business
Zuidwester wind farm. Image by innogy.com.
German energy group RWE AG (ETR:RWE) has bought the controlling stake held by Innogy SE (ETR:IGY) in a Czech gas grid business as part of a larger deal with peer E.on SE (ETR:EOAN) that also involves renewables.
RWE said it has acquired Innogy’s 50.04% stake in Prague-based distribution grid operator Innogy Grid Holding (IGH) for an undisclosed sum. The remaining 49.95% are held by Australia’s Macquarie.
In March 2018, RWE agreed to sell its majority interest in Innogy to E.on, while keeping Innogy’s renewables business and merging it with the green assets of E.on. RWE now said that the IGH transaction takes it a step further in implementing the agreed deal with E.on. It added that E.on will eventually buy the IGH controlling stake.
RWE filed with the European Commission the planned acquisition of the renewable energy business of both E.on in Innogy last month and is currently awaiting clearance.