Alpiq has made further important progress in its restructuring programme. The Board of Directors of Alpiq Holding Ltd. has decided to sell the energy transmission technology (ETT) companies of the Heidelberg-based Alpiq Anlagentechnik Group (AAT), which specialise in energy distribution and transport infrastructures, to Vinci Energies for an enterprise value of 240 million which translates into an equity purchase price of EUR 195 million. Vinci Energies is a member of the Vinci Group, the world's largest private concession and construction group. With a workforce of around 60,000, and revenues of EUR 8.7 billion in 2011, Vinci Energies is a global leader in the design, installation, maintenance and operation of energy, transport and communication infrastructures, industrial plant and buildings. The acquisition of the ETT business will allow Vinci Energies, which is organised as a decentralised group of companies, to extend the geographical reach of its European network and strengthen its technology base. With a workforce of around 3,000, the ETT business generated revenue of EUR 512 million and EBITDA of EUR 37 million (before consolidation and transaction adjustments) in 2011. The Supervisory Board of AAT GmbH is expected to approve the transaction next week. The transaction is subject to antitrust clearance and is expected to close in the third quarter.
At the same time, Alpiq has decided to keep the AAT Group's second business, industrial and power plant engineering (IPPE), as part of the Alpiq Group. IPPE will continue to operate under the existing CEO Ludwig Geissinger as an independent business unit within Alpiq's Energy International division. The companies, which specialise in the planning, construction, maintenance and dismantling of industrial and power plants and have a workforce of around 2,000, generated revenue of EUR 559 million and EBITDA of EUR 40 million (before consolidation) in 2011. IPPE currently boasts a high order backlog and, despite today's difficult political and economic conditions, enjoys promising prospects in view of the still-rising global demand for large power plants, the trend towards renewable energies, and potential plans to decommission nuclear power plants. IPPE will further enhance its excellent position in its home market and target international growth.
With the agreement on the sale of the stake in Edipower achieved and scheduled for completion in the second quarter, the sale of ETT and a special dividend of EUR 60 million already paid by AAT GmbH to Alpiq Holding Ltd. in order to optimise capital have enabled Alpiq to further improve its debt situation and enhance its financial flexibility.