Binding agreements signed for sale of New NP

• 6 years ago (2017-12-28)
• David Flin

Europe 1061 Nuclear 639

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Areva and EDF have signed binding agreements detailing the terms of the sale of New NP, Areva NP’s nuclear reactor operations. The sale price for 100 per cent of New NP’s equity has been confirmed at €2.5 billion. The transaction is due to close by the end of 2017.

EDF agreed in July 2015 to take a stake of between 51 per cent and 75 per cent in Areva’s reactor unit in a plan backed by the French Government to revitalise the country’s nuclear power industry. The restructuring included the government granting a capital injection of €4.5 billion into Areva. The reactor operations to be sold were transferred to New NP, a subsidiary wholly owned by Areva.

Jean-Bernard Lévy, Chairman and CEO of EDF, said: “The signing of these definitive agreements marks the culmination of more than two years of work to implement the refounding of the French nuclear industry, with EDF at the head. The inauguration of New NP within the EDF group starting on 1 January 2018 will help our industry increase in performance and efficiency in the implementation of major projects such as the Grand Carénage life extension programme, and become more competitive in the construction of new nuclear power plants.”

The agreements foresee EDF acquiring 75.5 per cent of New NP’s capital on the basis of an adjusted valuation of €2.47 billion, for 100 per cent of the capital, with no transfer of financial debt.