RWE To Divest Stake In US LNG Company Excelerate Energy

(RTTNews) - German utility RWE AG (RWEOY) Friday said that it has planned to divest its 50 percent stake in U.S. liquefied natural gas (LNG) company Excelerate Energy to the co-owner, George Kaiser. The deal did not disclose any details, and the transaction remains subject to approval RWE's supervisory board.

"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 stated.

With the sale of Excelerate Energy, RWE said that it saves the necessary investment and thus implements its asset-light strategy.

The company said that it will continue to build up RWE's LNG trading business further.

"Excelerate Energy has developed to become a very successful global provider of infrastructure based on special LNG ships with on-board regasification. This business is further developing into a pure LNG infrastructure business and is therefore an ever less integral part of the core activities of RWE", explained Stefan Judisch, CEO of RWE Supply & Trading regarding the company's decision.