April 5 (Renewables Now) - French utility Electricite de France SA (EPA:EDF), or EDF, has agreed to sell its 25.04% interest in Swiss energy service provider Alpiq (SWX:ALPH) to current shareholders EOS Holding and Primeo Energie for CHF 489 million (USD 488.81m/EUR 435.32m) , it said Friday.
The agreed upon price is CHF 70 per share. It will be financed through mandatory convertible loans from Credit Suisse's investment group, CSF Infrastructures Energetiques Suisse.
The agreement is subject to approval of German antitrust authorities and is expected to close in the first half of 2019.
Upon closing, EOS Holding and Primeo Energie will together hold around 88% of the Swiss provider, which they then plan to delist, according to a separate release.
The deal will not trigger a mandatory offer to other shareholders, as Alpiq has an opt-out clause.
Shares in Alpiq jumped by 9.97% and were trading at CHF 71.70 at 1232 CET in Zurich on Friday.
The EOS consortium already holds a 31.44% interest in Alpiq, while Primeo Energie holds 13.65%.
(CHF 1.0 = USD 0.999/EUR 0.890)