In mid-February, RWE acquired the majority shareholding in the Czech distribution system operator innogy Grid Holding (IGH) from innogy SE. An agreement had been reached as part of the transaction with E.ON that E.ON would purchase this interest in IGH from RWE within the scope of the envisaged acquisition of innogy SE.

The execution of the agreement with E.ON triggered a right of first refusal for the co-shareholders of IGH, i.e. Macquarie Infrastructure and Real Assets (MIRA) managed consortium of investors, which has been exercised today. MIRA-managed consortium will acquire the 50.04% stake under the terms and conditions applicable if RWE sold it to a third party, which would be E.ON in the present case.

This will make the MIRA-managed consortium the sole owner of IGH. Completion is subject to merger control proceedings and the transfer of RWE’s stake in innogy to E.ON. The purchase price is about €1.8 bn.