German utility Eon has completed the sale of its 46.65% stake in energy company Uniper to Finnish state-owned utility Fortum.
All conditions for the completion of the voluntary public takeover were met after the European Commission and the Russian Antimonopoly Authority gave their approval.
Eon received some €3.8bn from the transaction.
Under a preliminary deal struck in September, Eon agreed it could tender the stake at a fixed price to Fortum in January.
Uniper, which focuses conventional power generation and energy trading, was spun off from Eon in 2016. Some 53.35% of all Uniper shares were transferred directly to the portfolios of Eon shareholders.
Eon chief executive Johannes Teyssen said: “The sale of our remaining shares in Uniper to Fortum marks the end of a chapter in Eon’s history.”
Earlier this year Eon agreed to acquire Innogy from German rival RWE. Under a complex deal involving shares and asset swaps, Eon will emerge with the retail and network businesses of both companies, while RWE will own the combined renewables businesses as well as a large stake in Eon.
Image: Eon
Eon wraps up Uniper deal
By EBS