EON SE will shed as many as 5,000 jobs in the deal to take over Innogy SE, a move that marks the biggest shakeup in Germany’s energy business in years.
The transaction agreed with its rival RWE AG values Innogy at 22 billion euros ($27.1 billion) and will sharpen the focus of Germany’s leading two electricity and natural gas providers, according to a joint statement on Monday. EON billed itself as the first formerly-integrated utility to focus entirely on meeting needs of 50 million customers across Europe. RWE said it doesn’t expect any net job losses.