RWE Said to Sell Up to $3 Billion in Egyptian Energy Assets

RWE AG, Germany’s second-largest utility, has opted to sell Egyptian energy assets following a review of the future of Dea, its oil-and-gas exploration unit, according to people familiar with the situation.

The Egyptian assets, which may fetch as much as $3 billion, could interest strategic buyers, the people said, declining to be identified because the process is private. RWE is likely to sell assets that still need substantial investment to reach full-scale production, two of the people said. The German utility hired Deutsche Bank AG earlier this year to weigh options for Dea that included the outright disposal of the unit or of certain fields.