German utility company RWE announced on Friday they are selling back their 50 percent stake in Houston-based Excelerate Energy. The deal was signed with economic effect from 30 June 2013.
Excelerate’s original financier and co-owner George B. Kaiser bought the shares back for an undisclosed price. RWE’s initial 50 percent stake was bought from Mr. Kaiser in 2008 for a consideration of approximately $500 million.
“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.