RWE, E.on to exit Luxembourg's Enovos

German utilities RWE (ETR:RWE) and E.on SE (ETR:EOAN) have agreed to sell their minority stakes in Luxembourg sector player Enovos International SA to a group led by the Grand Duchy of Luxembourg and investor Ardian.

The German companies said in a joint statement today they have signed a deal to sell their respective 18.4% and 10% stakes in Enovos for an undisclosed sum. The transaction is pending clearance by the Municipal Council of the City of Luxembourg and antitrust authorities. It is expected to close in the first quarter of 2016.

In February, sources familiar with the matter told Reuters that RWE and E.on were nearing a sale of their Enovos interest in a deal valuing the company at EUR 2 billion (USD 2.19bn). According to the Reuters report, RWE and E.on's combined stake is worth some EUR 570 million.

Doing business in select energy markets in Western Europe, Enovos develops and manages natural gas and renewable energy plants, including biomass, wind, solar and hydroelectric facilities, according to information on its website.

Enovos International is the holding company for the Enovos Group, which includes grid operator Creos Luxembourg SA and its German unit.

(EUR 1.0 = USD 1.092)

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