RWE to Sell Oil Unit to Russia's L1 Energy for $7.1 Billion

ISTANBUL--March 18, 2014--Researched by Industrial Info Resources (Sugar Land, Texas)--RWE AG (OTC:RWEOY) (Essen, Germany), Germany's second-largest energy firm, has agreed to sell its oil-and-gas production unit, RWE Dea, to billionaire Mikhail Fridman's LetterOne Group at an enterprise value of $7 billion (€5.1 billion). LetterOne was founded in 2013 as the international investment vehicle for the shareholders of Russia's Alfa Group, which is also owned by Fridman. The initial assets of LetterOne were $29 billion as of December 31, 2013, according to the Luxembourg-based company's website.