GDF Suez to acquire UK power company
By Emma Vandore |
August 11, 2010, Wednesday
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Print Edition
Print Edition
FRANCE'S state-controlled gas and electric utility GDF Suez SA said yesterday it is taking control of Britain's International Power, creating the world's largest independent power producer and making it the second French utility to run a United Kingdom competitor.
The companies have agreed to combine GDF Suez Energy International, which includes the French company's assets in North America, Latin America and the Middle East, with International Power, to create a new company with 84 billion euros (US$110.74 billion) in annual revenue and total generating capacity of 66 gigawatts.
GDF Suez will also pay International Power shareholders 92 pence (US$1.45) per share, or 1.4 billion pounds in total, to form a company owned 70 percent by GDF Suez and 30 percent by International Power's existing shareholders.
GDF Suez, which also reported a 9.3 percent rise in first-half profit yesterday, will transfer some of its non-European, Turkish and British assets and 4.4 billion euros of debt to International Power.
"This deal will be good for International Power because it allows it to get more and cheaper funding," said KBC analyst Dieter Furniere. "This also allows for a better credit rating for GDF Suez."
The deal comes on the heels of French power provider EdF acquiring British Energy Group Plc last year.
The companies have agreed to combine GDF Suez Energy International, which includes the French company's assets in North America, Latin America and the Middle East, with International Power, to create a new company with 84 billion euros (US$110.74 billion) in annual revenue and total generating capacity of 66 gigawatts.
GDF Suez will also pay International Power shareholders 92 pence (US$1.45) per share, or 1.4 billion pounds in total, to form a company owned 70 percent by GDF Suez and 30 percent by International Power's existing shareholders.
GDF Suez, which also reported a 9.3 percent rise in first-half profit yesterday, will transfer some of its non-European, Turkish and British assets and 4.4 billion euros of debt to International Power.
"This deal will be good for International Power because it allows it to get more and cheaper funding," said KBC analyst Dieter Furniere. "This also allows for a better credit rating for GDF Suez."
The deal comes on the heels of French power provider EdF acquiring British Energy Group Plc last year.
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