The power group Alpiq is entirely in Swiss hands. The Electricité de France (EDF) sold its 25 per cent share of the existing shareholders Primeo energy and EOS, the rich get the shares to a Swiss investment company. The audience shares are to be withdrawn from the stock exchange.
The purchase price for EDF’s participation is around 489 million Swiss francs, or 70 Swiss francs per Alpiq share. After the transaction, the consortium of the Swiss shareholders holding 88 per cent of Alpiq, – said Conrad Amman, CEO of the Basel Primeo energy on the Friday before the media. “We are very pleased that we have found a Swiss solution.” The remaining 12 percent is listed on the SIX titles.
transaction via convertible loans
At the exit of the EDF, it is not a Surprise. The French energy company had already terminated last August, the consortium agreement of the Alpiq-founding shareholders by September 2020. Now the agreement will end with the closing of the transaction in advance, it was said.
The Primeo energy, as well as in Western Switzerland EOS Holding, EDF, buy now, first of all, their share of the parity. Financed the purchase with a convertible loan to the CSA energy-infrastructure, an investment company, in the 135 Swiss pension funds are invested. The convertible loan will be for up to one year maturity, which the Alpiq shares transferred into the possession of the CSA.
Investor in energy infrastructure
The future of the new Alpiq-major shareholder is the “largest institutional Investor in the Swiss energy infrastructure”, such as Dominik Bollier, Managing Partner, managed by Credit Suisse CSA energy-infrastructure in front of the media said. The investment focus is on Transmission and distribution networks and in Large-scale hydropower.
The CSA is investing with a perpetual investment horizon. “Because of our long-term orientation, we see ourselves as a financing partner to the public sector,” says Bollier. In the case of the participants it was exclusively Swiss pension funds: The guarantee that the Alpiq stay in Swiss hands.
Not mandatory
Due to an “Opting-out” triggers the transaction according to the notification, no mandatory offer to the other shareholders. But the representatives of the Alpiq shareholders reaffirmed intention to take the company of the stock exchange, but wanted to make conditions and time. This is only likely to follow after the completion of the transaction, stated CSA representatives Dominik Bollier. You will, however, treat “all shareholders the same.”
The price of 70 Swiss francs, to be sold to the EDF in its proportion, is also likely to be the benchmark for the small shareholders. “It would be wrong to speculate on a higher price,” said Bollier. No statements, it was also, who would buy the audience shares – i.e. one of the shareholders, or Alpiq. This is currently “in negotiation”.
Strongly
Alpiq reduced had gone through in the past year, an in-depth restructuring and service business with nearly 7’700 employees of the French construction group Bouyges sold. With the focus of the business model, Alpiq will conclude “increasingly long-term purchase contracts,” it said on Friday. In Switzerland, Alpiq will also focus mainly on the conservation and development of water power.
Alpiq President Jens Alder, who runs the power company is currently operational, welcomed in front of the media the change in the shareholders, in order for the uncertainty and Alpiq case, get an Investor, the belief in the business model. The new structures could pave the way for the end of the double mandate, he said, compared to the AWP: He had always said that he wanted this exercise only during a “stabilization phase”.
Created: 05.04.2019, 16:31 PM