LetterOne completes purchase of RWE Dea AG

Offshore staff

ESSEN, Germany –LetterOne and RWE AG have completed the sale of RWE Dea AG to LetterOne at a price of about €5.1 billion ($5.7 billion).

Peter Terium, CEO of RWE AG, said both parties negotiated good value for money, and RWE can now focus fully on its core business. He continued by saying that the transaction was not only an important milestone for the RWE Group but that it was beneficial for all involved – including Dea and its workforce.

LetterOne hired former BP CEO, John Browne, as executive chairman of LetterOne’s energy division saying it wanted to use North Sea assets as a platform for a global expansion.

The UK government has expressed concerns that the deal could affectNorth Sea production if sanctions were placed on LetterOne owner Mikhail Fridman and partner German Khan stemming from Russian actions in Ukraine.

03/03/2015