October 7, 2019 / 3:26 PM / 14 days ago

EnBW, RheinEnergie to sell stakes in local utility MVV

FILE PHOTO: A logo of German power supplier EnBW Energie Baden-Wuertemberg AG is pictured at the companies headquarters in Karlsruhe, Germany March 17, 2015. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - German utilities EnBW (EBKG.DE) and RheinEnergie [RHEI.UL] have decided to sell their holdings in regional peer MVV Energie (MVVGn.DE), MVV said on Monday.

EnBW and RheinEnergie, MVV’s second- and third-largest shareholders, jointly hold 45.1% in MVV, which is worth 789 million euros ($867 million) based on its current market capitalization.

“EnBW and RheinEnergie are assessing the possibility to jointly sell their holdings in MVV Energie, this is happening in close coordination with MVV,” EnBW and MVV both said.

A person familiar with the matter said that the three companies have mandated Perella Weinberg Partners to run the process.

The stake will likely attract interest from infrastructure investors and pension funds who are currently also involved in a process to take a 26% stake in German regional utility EWE AG [LANDWE.UL].

Handelsblatt first reported the exit plans by EnBW and RheinEnergie.

Reporting by Christoph Steitz; Editing by Tom Sims

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