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Munich (dpa) - After long negotiations, the Munich conglomerate Baywa has wrapped up the sale of a minority stake in its renewable energy business.
The financial investor Energy Infrastructure Partners will pay 530 million euros for 49 percent of the shares as part of a capital increase in the division, the SDax company announced on Tuesday evening in Munich.
The implementation of the deal and the capital increase is still dependent on the issuing of official approvals.
Baywa boss Klaus Josef Lutz has been looking for an investor for the division for around a year and a half. It was about a year ago that I was about to start, but it dragged on for even longer. The energy businesses as a whole - including traditional energies - are the biggest profit makers at Baywa.