EON Hires BNP Paribas to Sell $1.1 Billion Czech Retail Business

EON SE has hired BNP Paribas SA to help sell an energy supplier in the Czech Republic it’s gaining as part of its pending takeover of rival Innogy SE, people with knowledge of the matter said.

EON plans to kick off a formal sale process for Innogy’s Czech electricity and gas retail business in the coming weeks, according to the people, who asked not to be identified because the information is private. The assets, which EON is selling to win antitrust approval for the Innogy acquisition, could fetch as much as 1 billion euros ($1.1 billion), the people said.