German energy companies RWE AG (RWE.XE) and EnBW AG (EBK.XE) agreed to sell their stakes in Hungarian electricity producer Matrai Eromu Zrt., or Matra, to a consortium, RWE said Thursday.
Financial details weren't disclosed. The sale to the consortium--which consists of Czech company EP Holding and Hungarian investor Lorinc Meszaros--is subject to approval by competition and Hungarian authorities.
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RWE owned a 50.9% stake in the company. EnBW's stake was 21.7%.
"The sale is in line with the restructuring of the portfolio of the company," RWE said in a statement. The sale should be completed by the first quarter of next year.
Matra has more than 2,000 employees and a generation capacity of about 960 megawatts.
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(END) Dow Jones Newswires
December 14, 2017 08:50 ET (13:50 GMT)