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EnBW sells remaining 6% stake in EWE

EnBW Energie Baden-Württemberg AG completed the sale of its remaining 6% interest in EWE AG, according to a June 3 company news release.

The transaction is part of an asset swap deal the companies signed in October 2015. Under the deal, EnBW acquired EWE's 74.2% shareholding in VNG - Verbundnetz Gas AG for a total cash settlement amount of €125 million.

In return for the stake, EnBW divested itself of its 26% of the shares held in EWE. EWE-Verband, made up of the municipal shareholders of EWE, purchased 16% of this stock and EWE purchased 10%.

In 2016, EWE-Verband purchased a further 10% of EWE's stock from EnBW for a fixed price. In the latest transaction, EWE-Verband acquired the remaining 6% of EWE's stock from EnBW.

The restructuring of EWE's shareholdings is fully concluded, according to the release.