Alpiq about to finalise the divestment of Swissgrid shares and loans

Alpiq signed the contracts for the divestment of its Swissgrid share of 30.3% to BKW. In doing so, Alpiq is about to finalise the divestment of the non-strategic asset in Swissgrid AG. Alpiq will receive a remaining amount of CHF 146 million for the transaction. The proceeds will be used for the further reduction of net debt.

Alpiq Grid Beteiligungs AG is selling its 30.3% share in Swissgrid AG to BKW Netzbeteiligung AG. On 5 October 2016, Alpiq and BKW signed the respective contracts relating to the sale and pre-emption rights. Finalisation is subject to approval by the Swissgrid AG Board of Directors as well as the termination of on-going proceedings. Alpiq expects the transaction to be finalised in the fourth quarter of 2016. In doing so, Alpiq will have completed the divestment of the non-strategic interest in Swissgrid AG in the form of shares and loans amounting to CHF 557 million. Alpiq will use the remaining amount of CHF 146 million to further reduce net debt.

On 29 May 2015, Alpiq announced the divestment of its 50.1% interest in Alpiq Grid Beteiligungs AG for CHF 146 million to SIRESO, a consortium under the management of the Western Swiss cantons. This activated the statutory and contractual pre-emption rights on the Swissgrid shares held by Alpiq Grid Beteiligungs AG, and BKW Netzbeteiligung AG exercised these rights. The completion of the sale was blocked owing to various proceedings. An amicable solution between BKW and SIRESO cleared the way for the full divestment of the Swissgrid 30.3% interest held by Alpiq Grid Beteiligungs AG to BKW.