On 29 May 2013 Alpiq announced that it had signed an agreement to sell its stake in SES (60.89 %) to SES Holding SA (formerly PRH Holding SA). SES Holding SA (formerly PRH Holding SA) was founded by Azienda Elettrica Ticinese (AET) and the Ticino municipalities of Biasca, Gambarogno, Locarno, Losone, Minusio and Muralto for the purpose of purchasing the interest in SES.
Following the approval of the relevant antitrust authorities, the transaction was successfully completed on 9 July 2013.
At a selling price of CHF 140 per SES share, this generates a cash inflow for Alpiq of CHF 94 million. Deconsolidation of SES on completion of the transaction will reduce the consolidated net debt of Alpiq by a further CHF 60 million, i.e. by approximately CHF 154 million in total.