LetterOne, RWE to Close Acquisition of RWE's Dea Monday
U.K. government could give approval for the deal this weekend
Russian billionaire Mikhail Fridman (center) is near to completing a yearlong bid for a German oil firm with natural-gas holdings in the North Sea.
Photo: TASS/Zuma Press
Selina Williams
@selinawilliams3
selina.williams@wsj.com
and Jenny Busche
Updated Feb. 27, 2015 1:30 pm ET
LONDON—Russian billionaire Mikhail Fridman's investment fund is expected to close a €5 billion ($5.6 billion) deal on Monday to acquire Dea, the oil and natural-gas arm of German utility RWE AG , people familiar with the matter said.
Completion of the transaction would propel a controversial figure into the heart of Europe's oil-and-gas sector at a time of growing concerns over Russian ownership of the region's energy infrastructure. Governments have been fretting about energy security amid tensions over the conflict in Ukraine, a transit point for Russian gas to European markets. Just last week, a plan for central European countries to produce their own nuclear fuel using Russian technology became another flash point for fears of Europe's reliance on Russia for energy imports.