Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Thursday, May 11, 2017

Assystem strengthens strategic partnership with EDF

Assystem strengthens strategic partnership with EDF committing to participate in the round table of New Areva NP

Assystem announces the submission of an offer to own 5% of the stock in New Areva NP1 along with EDF.

New Areva NP, a wholly-owned subsidiary of AREVA NP, in which the assets and activities currently conducted by Areva NP of the design and supply of equipment for nuclear reactors, design and supply of fuel assemblies, and services to a broad installed base of nuclear reactors worldwide will be transferred, with the exception of contracts and means relating to the EPR OL3 project in Finland and some contracts relating to parts forged at the Le Creusot plant.

In this context, Assystem wishes to take part in the reconfiguration of the French nuclear industry and has, accordingly, made an offer to AREVA and EDF (future controlling shareholder of New Areva NP) to own a 5% stake in this new entity, based on a valuation consistent with that drawn up between EDF and AREVA for the stake held by EDF (i.e. a value for 100% of the capital of €2.5 billion, on a debt-free cash-free basis, not including the effect of potential price adjustments).
The commitment made by Assystem will result in an investment of c. €125 m, to be made when New Areva NP will have been fully incorporated and the conditions precedent to its sale by AREVA will have been met.

This commitment is part of a broader agreement with EDF, aimed at consolidating their partnership, particularly for maintenance in operating conditions activities of all civilian nuclear reactors in France and in Great Britain and creating new opportunities for Assystem to take part in new build projects led by the French nuclear industry. It should also help to strengthen Assystem’s links with historical partners of the French nuclear sector (Japanese and Chinese). Furthermore, this participation will not lead to any restriction to the field of collaborations entered into by Assystem with other major international actors (Russian and Korean).
Assystem strengthens strategic partnership with EDF committing to participate in the round table of New Areva NP

No comments:

Post a Comment