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Alpiq signs agreement to sell stake in SES

Today Alpiq has signed an agreement regarding the sale of its interest in Società Elettrica Sopracenerina SA (SES). Alpiq expects the sale to result in a cash inflow of CHF 94 million.

The sale of the 60.89 percent stake held by Alpiq in Ticino-based energy supply company Società Elettrica Sopracenerina SA (SES) was agreed between Alpiq AG and PRH Holding SA (PRH). PRH 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.

As announced by Alpiq and SES in September 2012, the agreed transaction takes into account regional needs and conditions and, in particular, addresses the interests of the municipalities of the region supplied by SES in the canton of Ticino and in the canton of Grisons (five communities in the Misox valley). At a selling price of CHF 140 per SES share, Alpiq expects to generate a cash inflow 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.

The purchase is expected to be completed before the end of the summer of 2013, once approval has been granted by the Canton of Ticino Council and antitrust authorities.