By Monica Houston-Waesch 
 

FRANKFURT--Innogy SE, the renewable energy, grid and retail arm of RWE AG (RWE.XE), said it will acquire the solar energy and battery specialist unit of the BELECTRIC group.

Innogy will pay a "high double-digit-million euro" amount for BELECTRIC Solar & Battery Holding GmbH, the company said on Monday in a press release.

Adjusted earnings before interest, taxes, depreciation and amortization at the BELECTRIC solar unit last year came to a low double-digit-million euro amount, Innogy said.

The deal is subject regulatory approval and is expected to close in early 2017.

"In BELECTRIC we are acquiring an innovative company that has built up an international strong market position," RWE and Innogy Chief Executive Peter Terium said.

RWE plans to list around 10% of Innogy's shares via a capital increase by year-end.

Write to By Monica Houston-Waesch at nikki.houston@wsj.com

(END) Dow Jones Newswires

August 29, 2016 04:51 ET (08:51 GMT)