EDF strikes $2.5 billion nuclear reactor deal
The contracts for the EPR Olkiluoto 3 project and the resources required to complete the project, as well as certain contracts relating to components forged in Le Creusot plant, will stay within AREVA NP, in AREVA SA’s scope.
Contractual obligations related to the discovery of anomalies in the quality inspection of equipment manufactured at the Le Creusot plant, and, if need be, the Saint Marcel and Jeumont plants, will remain guaranteed by AREVA SA.
The sale price for 100% of the equity value of NEW NP is confirmed at 2.5 billion euros, excluding the potential price complements and adjustments and with no transfer of financial debt at the closing date.
This price corresponds to a 2017 forecasted EBITDA multiple of 8x.
Discussions with those strategic investors that have expressed interest in taking a stake of NEW NP’s equity capital, alongside EDF, will start in the coming weeks.
The stake acquired by EDF, up to 75% as per the terms of the contract, would thus be reduced to a target stake of at least 51%, securing EDF’s exclusive control, Areva | Thursday November 17, 2016 3:50AM ET
ake would then be 15% and the balance being held by the minority partners.
November 2, 2016