Germany’s Stadtwerke Gera AG was reported as saying on Tuesday that it would sell 49.9 per cent stakes in its energy distribution and generation units to Electrabel Deutschland AG for around 86m marks ($38.74m).

Electrabel Deutschland is a unit of Belgium’s Electrabel SA, is 40 per cent-owned by France’s Suez Lyonnais des Eaux SA .

Stadtwerke said the units involved were Energieversorgung Gera GmbH, which supplies electricity, heat and gas to homes and businesses, and has a turnover of around 75m marks, and Kraftwerke Gera GmbH.

The deal is to be considered by Stadtwerke’s board on Dec. 16 and completed at the beginning of next year, Stadtwerke Gera said in a statement.