RWE Agrees to Sell DEA Unit in $7.1B LetterOne Deal

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March 17 (Bloomberg) -- Bloomberg’s David Tweed reports on RWE’s agreement to sell its DEA unit to LetterOne Group on Bloomberg Television’s “Countdown.”

Agreed to sell its oil and gas units 201 energy.

-- to l1 energy.

When you consider that the european authorities are coming up with the name of potential russian oligarchs who they will put together a blacklist against.

These guys to not have much to do with crimea and they got out of their oil and gas business when they sold their stake for $5.1 billion last year.

What is happening is their company, which is based in luxembourg, they will actually buy this rwe for about 5.4 alien euros.

-- billion euros.

They will use that as a launching pad for further oil and gas investment.

They want to use that to build.

It is based in hamburg and it has interest in the north sea and germany, denmark, and also egypt.

It has some luminaries on it like lord brown, a former chief executive officer of bp.

Andrew gould was a former ceo.

They are on the board or advising level one.

It makes sense, rgb we -- rwe can pay down debt.

They want to focus on their core business, power generation.

It is an interesting deal all around.

Watch out for shares in rwe

This text has been automatically generated. It may not be 100% accurate.

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