A strong foundation

German utility

has agreed to buy Arnhem-based

for €9.3bn (£8.4bn), making RWE one of the leading energy suppliers in the

region.

The transaction will see RWE gain 5.3 million customers, of which 250,000 are based in Belgium and one million in Germany.

Across Europe, the RWE Group will have a total installed capacity of around 51GW.

RWE plans to invest more than €32bn in European energy markets over the next three years.

Once the agreement is complete, Essent will become RWE’s operating company in the Netherlands and Belgium and will continue to work as an independent entity within those markets.

The takeover excludes Essent’s electricity and gas distribution networks and waste management operations.

According to RWE, the deal represents a multiple of 9.6 times earnings before interest, taxes, depreciation and amortisation for 2009.

Essent operates an attractive power plant portfolio based on gas, renewables, coal and nuclear.