Billionaire Fridman’s L1 Buys RWE Unit for $7.1 Billion - Bloomberg

Billionaire Fridman’s L1 Buys RWE Unit for $7.1 Billion - Bloomberg:



"L1 Energy, the investment vehicle of Russia’s fourth-richest man Mikhail Fridman, agreed to buy RWE AG (RWE)’s Dea oil and gas unit, gaining assets in the U.K., Germany and the North Sea.



The sale values Dea at about 5.1 billion euros ($7.1 billion), including debt, Germany’s largest power generator said in a statement yesterday. The deal is the first for LetterOne, the group set up by Fridman, 49, and co-investor German Khan last year to invest part of $14 billion they gained from selling a stake in the Moscow-based TNK-BP oil venture.



The agreement helps Fridman and Khan move their energy investment abroad as RWE, which reported its first full-year loss since the foundation of the Federal Republic of Germany in 1949, looks to raise cash from asset sales.



LetterOne has earmarked as much as $10 billion for investment in the global oil and gas business over the next five years and attracted a number of high-profile energy executives to its advisory board, including former BP Plc (BP/) Chief Executive Officer John Browne and Anadarko Petroleum Corp.’s Jim Hackett."



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