BKW Netzbeteiligung AG
BKW exercises its pre-emption right with regard to Swissgrid shares
Bern (ots)
BKW has decided to exercise its pre-emption right to purchase the Swissgrid shareholding of Alpiq Grid Beteiligungs AG (AGB). The purchase means BKW will retain a significant minority shareholding in Swissgrid going forward.
Increasing its shareholding in Swissgrid is a further step in the implementation of BKW's corporate strategy. At the same time as developing its service business, BKW is also focusing on stable long-term revenues in an environment characterised by uncertainty. Following a thorough review, BKW has therefore decided to exercise its pre-emption right and to acquire Alpiq's shareholding in Swissgrid (around a 30 per cent stake). BKW has made this decision on the one hand to fulfil its obligation towards shareholders to make economically viable investments in the Swiss energy sector, and on the other to safeguard the value of current investment in Swissgrid. As an industry-focused partner, BKW will make a constructive contribution to Swissgrid's development in order to guarantee Switzerland's security of supply now and in the future.
The purchase concerns the shares in Swissgrid that were transferred by Alpiq AG and Alpiq Suisse SA to their joint subsidiary Alpiq Grid Beteiligungs AG (AGB). After Alpiq initially divested 49.9 per cent of AGB, it signed a contract at the end of May for the sale of the remaining 50.1 per cent, which is what triggered the pre-emption rights of existing shareholders to purchase all the underlying Swissgrid shares. BKW is now exercising its pre-emption right via BKW Netzbeteiligung AG which it controls and is acquiring AGB's Swissgrid shareholding. The extent to which BKW can actually exercise its pre-emption rights depends on whether other Swissgrid shareholders exercise their pre-emption right. The purchase price for AGB's entire Swissgrid shareholding is around 300 million Swiss francs. This is in line with the purchase prices for the two tranches that were already communicated by Alpiq.
Like all other Swissgrid shareholders, BKW Netzbeteiligung AG has a pre-emption right with regard to Swissgrid shares. This pre-emption right is legally and contractually enshrined and set out in the Articles of Association and is part of the compensation of all former transmission system owners for the legally required transfer of the high-voltage grid to Swissgrid.
Information for media representatives:
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The statements contained in this press release constitute expectations and forward-looking statements. Because these statements are subject to risks and uncertainties, actual future results may differ from those expressed or implied by the expectations and statements. This press release is issued in German, French, English and Italian. The German version is authoritative.
BKW AG
BKW AG is an international energy and infrastructure business headquartered in Bern. Together with its subsidiaries, the company currently employs some 4,000 people. The diversity of the company's expertise allows it to offer a full range of tailored services to customers throughout Switzerland. It plans, builds and operates infrastructure to produce and supply energy for businesses, households and the public sector. The BKW Group's distribution grid, the largest in Switzerland, provides one million people with a reliable supply of power around the clock.
BKW Netzbeteiligung AG
BKW Netzbeteiligung AG is a subsidiary controlled by BKW AG in which it holds a 50.1 per cent stake. The remaining 49.9 per cent is held by the Credit Suisse Investment Foundation. BKW Netzbeteiligung AG currently holds a 10.91 per cent stake in the national grid company Swissgrid.
Contact:
Gilles Seuret
media@bkw.ch
058 477 51 07