Electricité de France (EDF), Primeo Energie Cooperative Elektra Birsek (EBM) and EOS Holding SA (EOS) signed an agreement on EDF’s disposal of its 25.04 per cent stake in leading Swiss energy services provider and power producer Alpiq Holding AG to EBM and EOS (each entity acquiring half of this stake). The acquisition will be financed through two mandatory exchangeable loans granted to EBM and EOS by CSA Energy Infrastructure Switzerland, an investment group of CS Investment Foundation, managed by Credit Suisse Energy Infrastructure Partners AG (CSEIP). The mandatory exchangeable loans will be converted into Alpiq shares upon maturity.
The transaction values EDF’s stake in Alpiq at approximately CHF 489 million, based on a purchase price of CHF 70 per Alpiq share. With the purchase of EDF’s stake in Alpiq, the consortium of Swiss minority shareholders (including EBM), EOS and CSA will, upon exchange of the loans, hold 88 per cent of all shares in Alpiq. It is planned to delist Alpiq from the SIX Swiss Exchange. Completion of the transaction is subject to the approval by the German competition authority.
Headquartered in Lausanne, Alpiq is a leading Swiss energy services provider and power producer. Alpiq Group has approx. 1550 employees and is listed on the SIX Swiss Exchange.
CSA Energy Infrastructure Switzerland is an investment group focused on investments in existing supply-critical energy infrastructure in Switzerland. It is the largest energy infrastructure investment solution focused on Switzerland with more than CHF 1.2 billion AUM, acting for 135 Swiss pension funds as investors.
Leading global law firm Baker McKenzie advises CSEIP on different transactional aspects of its investment in Alpiq. The Baker McKenzie team is led by Dr. Alexander Fischer (Partner, M&A/Transactions) and further comprises Dr. Marcel Giger (Partner, Capital Markets), Dr. Matthias Courvoisier (Partner, Capital Markets), Dr. Philip Spoerlé (Associate, Corporate Finance/Capital Markets), Dr. Yves Mauchle (Associate, Corporate Finance/Capital Markets) and Daniel Kälin (Associate, M&A/Transactions).