German companies EnBW Energie Baden-Württemberg and RheinEnergie have divested their stakes in MVV Energie.

Financial terms of the deal have not been disclosed by the parties.

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EnBW owned a 28.8% shareholding in MVV while RheinEnergie held 16.3% interest.

Totalling 45.1%, the shareholdings were sold to funds advised by international asset managers First State Investments.

EnBW CFO Thomas Kusterer said: “We are pleased to have reached a successful conclusion to the joint selling process. In First State Investments, we have found a buyer who is committed to MVV for the long term.

“I would like to thank everyone involved for their contribution to the project. MVV has developed very well since we invested in 2004. We are now taking the opportunity to exit from the investment at an attractive price.

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“This supports the implementation of our growth strategy, as we plan to continue transforming and expanding the EnBW portfolio going forward.”

Through this deal, First State Investments is set to become one of the biggest stakeholders in the German energy supplying company MVV Energie.

The City of Mannheim will continue to be a major stakeholder with a 50.1% interest in MVV.

Completion of the deal is based on approval from supervisory and competition authorities.

RheinEnergie CEO Dr Dieter Steinkamp said: “We are very happy that the sale of our shareholding in MVV, initiated by the City of Mannheim and MVV Energie, has been successfully completed in collaboration with EnBW, and we would like to thank all involved.

“Our shareholding in MVV was ultimately a financial investment. We will now place our strategic more than ever on expanding our energy sector partnerships in the Rhineland region and our renewable energy activities, reinforcing our infrastructure and building new business areas.”