International Resource News - 03 October 2022
Consolidated Edison, Inc. (NYSE: ED), a US-based, investor-owned energy-delivery company, has signed a purchase and sale agreement with RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft, to sell Con Edison's interest in its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc. and its subsidiaries.
The deal is valued at USD6.8bn, subject to certain customary adjustments, including among other things, expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and approvals by the Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission and is not subject to a financing condition.
The transaction is likely to be completed in the first half of 2023, subject to satisfaction of the foregoing conditions, among other things. The financial advisor and legal advisor to Con Edison in the deal was Barclays and Latham & Watkins, LLP respectively.