FRANKFURT, Aug 2 (Reuters) - German utility RWE will sell its 50 percent stake in U.S. liquefied natural gas (LNG) company Excelerate Energy to the co-owner, George B. Kaiser, the company said on Friday.
RWE, suffering from unprofitable power plants and a 33 billion euro ($43.8 billion) debt pile, is selling billions of euros worth of assets to reinvent itself following Germany’s decision to abandon nuclear power by 2022.
“Over the last few years the global LNG market has developed significantly and therefore the possession of LNG assets is no longer a requirement for success in the trading business,” the company said in a statement.
The deal, of which RWE did not disclose any details, still needs approval of RWE’s supervisory board.
RWE in 2008 signed an agreement to buy the 50 percent stake for about $500 million.