FRANKFURT (Reuters) - Germany's biggest utility E.ON (>> E.ON SE) on Wednesday said the sale of its British oil and gas assets to Premier Oil (>> Premier Oil PLC) will lower its net debt by about $620 million (429.74 million pound).

E.ON also said it would keep $150 million in cash that the unit had on its balance sheet as of Jan 1, 2015.

(Reporting by Christoph Steitz; Editing by Arno Schuetze)

Stocks treated in this article : E.ON SE, Premier Oil PLC