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M&A: Fridman buys oil and gas company in Germany for EUR 5.1 billion

Investment company LetterOne arranged for the purchase of RWE's oil and gas subsidiary RWE Dea for EUR 5.1 billion, RWE informed.

According to media reports, LetterOne was established by Mikhail Fridman, German Khan and Alexey Kousmichoff in 2013. Payment for the shares in RWE Dea will be effected with the cash funds which Alfa Group's partners realized from the sale of their stake in TNK-BP.

The acquisition of RWE Dea will become a record deal for the Russian companies.

The transaction is subject to approvals by the Supervisory Board of RWE and regulatory authorities of several countries.

The application of Mikhail Fridman, the Chairman of Alfa Group's Supervisory Board, for the purchase of DEA came to light in January 2014. Wintershall was also reported to have applied for the acquisition of DEA estimating the company at EUR 3.5 billion, while the KKR - Kufpec consortium offered to pay EUR 4.2 billion. Besides, Hungary's MOL was assumed to enter the fray for RWE's oil and gas business.

Owning stakes in 190 oil and gas licenses, DEA operates in Europe, Middle East and Northern Africa. Last year, the company accounted for 11% of RWE's annual profit.

"AK&M", 18.03.2014


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