As part of its ongoing restructuring programme, Alpiq Ltd. (Alpiq) is selling its 24.6% stake in Repower AG (Repower) to the other two principal shareholders, the canton of Graubünden and Axpo, both of which will continue to form a shareholder group. The parties have agreed not to disclose the purchase price.
The purchasers are not planning to hold the acquired shares in Repower permanently. The aim instead is to sell the majority of these shares to a new strategic partner in the short to medium term. The sale to the canton of Graubünden and Axpo is scheduled for completion in the first quarter of 2013, subject to the requisite approval from the authorities.
The disposal of this financial holding will not affect Alpiq's substantial engagement in the canton of Graubünden, and in particular Alpiq's energy services. The long-established cooperation between the canton of Graubünden and Alpiq will continue to be pursued in the future.
The sale of the stake in Repower is a further step in the ongoing restructuring programme through which Alpiq is aiming to reduce net debt by CHF 1.5 to 2.0 billion. Additional divestments are under preparation.