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E.ON says sells German power grid to Tennet

Germany's E.ON, the world's largest utility, said it agreed to sell its high-voltage grid to Dutch network operator TenneT for €1.1 billion ($1.65 billion).

The sale is effective January 1, 2010 and the final price will be determined on the day of the sale, E.ON said.

The deal needs approval from antitrust regulators and will probably close at the beginning of 2010, the utility said.

People with knowledge of the transaction told Reuters that E.ON had agreed to sell the grid. (Reuters)