October 30, 2012 / 6:36 AM / in 5 years

Hitachi pays 696 million pounds for nuclear venture Horizon

BERLIN (Reuters) - Hitachi Ltd (6501.T), Japan’s largest industrial electronics maker, is paying 696 million pounds ($1.12 billion) for British nuclear project Horizon, one of the sellers said.

Germany’s RWE (RWEG.DE), which owns half of Horizon, said it now has no further national or international new-build projects under way in the nuclear energy sector.

E.ON (EONGn.DE), the German utility that owns the other half of Horizon, said in a separate statement it expects the deal announced earlier on Tuesday to close before the end of November.

($1 = 0.6241 British pounds)

Reporting by Maria Sheahan

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