German utility RWE is set to win unconditional EU antitrust approval to buy the renewables businesses of E.ON and Innogy, as part of an asset swap deal between RWE and E.ON, which will have significant repercussions for the German and European energy markets. RWE will acquire a 16,7% stake in E.ON, following approval by the German and British competition authorities. RWE will also need US regulatory approval to buy E.ON’s assets across the Atlantic. Innogy emerged as a standalone operating unit when it was separated from RWE two years ago.
The EC will make a decision by 26 February 2019 on the RWE acquisition. It must also review E.ON’s acquisition of Innogy’s regulated energy network and customer operations assets with decision due by 07 March.
When the deal is completed, RWE will become Europe’s third-largest RES producer after Iberdrola and Enel. The company is already the largest electricity producer in Germany.