GDF SUEZ and E.ON have signed an agreement with Energetický a Průmyslový Holding (EPH), a leading Czech power market player, for the sale of their combined 49% indirect stake in Slovenský Plynárenský Priemysel a. s. (SPP), the Slovak gas operator.
This participation has been held through a 50/50 joint venture between GDF SUEZ and E.ON since the 2002 partial privatization procedure. EPH will acquire 100% of the share capital of this joint venture.
The agreement values the GDF SUEZ 24.5% stake in SPP at €1.3 billion.
This transaction will reduce GDF SUEZ net debt by some €1.3 billion1 and represents an important milestone in the Group’s ongoing transformation following the completion of the International Power transaction. Disposals announced since the beginning of 2012 as part of the Group’s portfolio optimization program total more than €5 billion, in line with the objective announced in December. The objective of the new GDF SUEZ asset optimization program for the period 2013-2014 amounts to €11 billion.
The sale has been approved by the Slovak State and has received all necessary antitrust clearances. Closing is expected in the coming weeks.
Jean-François Cirelli, Vice Chairman and President of GDF SUEZ declared: “The disposal of our interest in SPP is a significant further step in our deleveraging strategy, and a move consistent with our goal to optimize our European portfolio of activities. We will pursue our development in Europe, focusing on a selection of attractive markets.”
[mappress] LNG World News Staff, January 15, 2013