Billionaire-Backed Firm Pays $7.1B For RWE Oil, Gas Unit

Law360, New York (March 17, 2014, 1:49 PM EDT) -- German utility RWE AG said Monday that it will sell its oil and gas exploration and production unit to an investment vehicle chaired by Russian billionaire Mikhail Fridman in a deal with an enterprise value of 5.1 billion euros ($7.1 billion).

LetterOne Group, the investment vehicle set up by Fridman in 2013 after he sold his stake in Russian oil giant TNK-BP Ltd., is picking up RWE Dea AG, an international operator with production facilities in Europe and the Middle East that holds licenses in seven...
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