EnBW, RheinEnergie to sell stakes in local utility MVV

MVV Energie AG

07/10/2019 16:04

FRANKFURT, Oct 7 (Reuters) - German utilities EnBW  EBKG.DE 
and RheinEnergie  RHEI.UL  have decided to sell their holdings
in regional peer MVV Energie  MVVGn.DE , MVV said on Monday.
    EnBW and RheinEnergie, MVV's second- and third-largest
shareholders, jointly hold 45.1% in MVV, which is worth 789
million euros ($867 million) based on its current market
capitalisation.
    "EnBW and RheinEnergie are assessing the possibility to
jointly sell their holdings in MVV Energie, this is happening in
close coordination with MVV," EnBW and MVV both said.
    A person familiar with the matter said that the three
companies have mandated Perella Weinberg Partners to run the
process.
    The stake will likely attract interest from infrastructure
investors and pension funds who are currently also involved in a
process to take a 26% stake in German regional utility EWE AG
 LANDWE.UL .  urn:newsml:reuters.com:*:nL8N21G3VV
    Handelsblatt first reported the exit plans by EnBW and
RheinEnergie.
($1 = 0.9097 euros)

 (Reporting by Christoph Steitz; Editing by Tom Sims)
 ((christoph.steitz@thomsonreuters.com; +49 69 7565 1269;
Reuters Messaging:
christoph.steitz.thomsonreuters.com@reuters.net))