RWE says streamlines Czech operations

FRANKFURT Wed Dec 19, 2012 10:30am EST

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FRANKFURT Dec 19 (Reuters) - German utility RWE said it was streamlining its operations in the Czech Republic, creating two separate units for its gas and sales operations in the country.

As part of the process, funds managed by Macquarie will acquire E.ON's, SPP's and GDF Suez' stakes in RWE's regional gas companies VCP, SMP and JMP, RWE said on Wednesday.

Macquarie would then swap those stakes for a 35 percent stake in RWE Grid Holding, which will comprise RWE's Czech gas distribution activities. RWE will also receive cash as part of that swap. (Reporting by Victoria Bryan)