As part of the current restructuring programme, Alpiq has decided to sell its shares in Romande Energie Holding SA (referred to below as REH; stock symbol HREN; ISIN CH0025607331). Today, Alpiq and REH signed an agreement under which REH undertakes to acquire from Alpiq 71,257 of its (own) REH shares for CHF 1100 per share. The acquisition will be completed on 8 January 2013, making approximately CHF 78 million for Alpiq.
In addition, Alpiq has granted REH an option to buy the remainder of its REH shares, i.e. a total of 48,737 shares. The option can be exercised, as a single or staged operation, until 31 May 2013.
After the transaction, relations between the two companies will remain close and focused on the long term, providing a stable foundation on which to continue and develop their cooperation and the supply of energy by Alpiq.
The transaction is a further stage in the restructuring programme aimed at reducing Alpiq’s net debt by CHF 1.5 to 2 billion. Further divestments are being prepared.