E.ON accepts Fortum's offer of €3.76bn for its remaining shares in Uniper
E.ON is selling off its remaining stake in energy company Uniper to Nordic competitor Fortum for €3.76bn.
A preliminary deal was struck between the two firms last September but the exact terms of the sale were revealed on Monday, with E.ON conceding its 46.65% stake at €22 per share.
Uniper was spun off from German giant E.ON back in 2016 when E.ON wanted to separate its fossil fuel business, and with this sale it can now switch its full attentions to 'new energy' priorities.
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"This transaction enables us to sell our entire Uniper stake at an attractive price for E.ON," said E.ON's CEO Johannes Teyssen. "E.ON will now focus fully on its customers and core businesses in the new energy world. The course has been set for profitable growth."
Fortum - a Finnish company - had an operating profit of €633mn in 2016 and states its goal to be at the forefront of technology in the energy industry, particularly in its home market of Europe.
Subject to regulatory approvals, it expects the transaction - which will leave it just short of a controlling majority of Uniper - to completed by the middle of 2018.