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BKW's shareholding in Swissgrid / BKW completes negotiations with Credit Suisse
Bern (ots) - BKW and Credit Suisse Investment Foundation have successfully completed negotiations on the shareholding in a BKW subsidiary, which will hold the share in Swissgrid AG of around 12 percent. BKW and Credit Suisse Investment Foundation are confident that the deal can be rapidly closed.
On 18 July 2014, BKW announced its intention to transfer its shareholding in Swissgrid internally to a BKW-controlled subsidiary (BKW Netzbeteiligung AG). A minority stake of 49.9 percent in this subsidiary is to be acquired by CS Energie-Infrastruktur Switzerland, an investment group exclusively for Swiss pension funds managed by Credit Suisse Investment Foundation. The purchase price for this minority holding is around CHF 47 million. The definitive purchase price will be fixed once the 2014 financial statements of Swissgrid AG have been presented. BKW will remain a shareholder in Swissgrid AG.
The partnership between BKW and CSA Energie-Infrastruktur Switzerland combines the long-term nature of investments in energy infrastructure and the long-term investment horizon of Swiss pension funds.
BKW Netzbeteiligung AG needs to be registered in the Swissgrid AG share register before the transaction can be completed. Full consideration will be accorded to the special legal and statutory requirements as well as the terms of shareholder agreements in this transaction.
By re-financing its Swissgrid shareholding, BKW is strengthening its already solid financial base in order to drive forward the consistent expansion of new business fields in the area of energy and infrastructure services.
The negotiations to transfer BKW's loan claim in respect of Swissgrid have not yet been completed.
The statements contained in this press release constitute expectations and forward-looking statements. Because these statements are subject to risks and uncertainties, the actual future results may differ materially from those expressed or implied by the expectations and statements. This media release is issued in German, French, English and Italian. The German version is authoritative.
The BKW Group is a leading Swiss provider of energy services. It employs more than 3,000 people, with its partners supplies around one million people with electricity, and covers the entire energy supply chain. With its products and services, BKW makes a significant contribution to the private and public infrastructure in Switzerland and neighbouring countries. In the interests of its customers, it is also engaged in the development of innovative technologies for high-efficiency, ecological energy solutions.
CSA Energie-Infrastruktur Switzerland
CSA Energie-Infrastruktur Switzerland is an investment group of the Credit Suisse Investment Foundation "CSA") and invests exclusively in Swiss energy infrastructure. It focuses on investments in the capital-intensive areas of existing Swiss energy infrastructure. It is also involved in new-build projects which already have the requisite planning permission. The investment group is aimed exclusively at Swiss pension funds.
Credit Suisse Energy Infrastructure Partners AG Credit Suisse Energy Infrastructure Partners AG ("CSEIP") is a joint venture between Credit Suisse AG and The Advisory House AG, a consultancy firm specialising in the European energy sector. CSEIP acts as an investment manager for the CSA Energie-Infrastruktur Switzerland investment group. CSEIP brings together the expertise of Credit Suisse in asset management and the sector-specific know-how and industry network of The Advisory House.
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