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Alpiq closes sale of ETT

Alpiq has closed the sale of the Energy Transmission Technology (ETT) business unit of the Alpiq Anlagentechnik Group (AAT).

Alpiq Holding Ltd. announced that today it has completed on schedule the sale to Vinci Energies of the Alpiq Anlagentechnik Group's Energy Transmission Technology business (ETT), which was announced on 27 April 2012. The transaction was completed on the basis of an enterprise value of EUR 240 million. The purchase price, based on equity value, is EUR 195 million, with an additional inflow of around EUR 50 million in Alpiq's favour from liquidity reserves and interest due to the retroactive transfer as of 1 January 2012. Taking into account the special dividend of EUR 60 million paid out in the first quarter of 2012 in connection with the transaction, the total cash inflow to Alpiq from the sale of the ETT business amounts to around EUR 305 million or CHF 366 million.

The sale of the ETT business is part of the restructuring programme launched in November 2011, by means of which Alpiq is aiming to reduce net debt by CHF 1.5 to 2.0 billion. Further divestments are in the pipeline.