EDF’s board of directors approves the sale of the UK electricity distribution networks to the Cheung Kong Group for £3.2bn, saying it would reduce its debt by £5.1bn.
Following consultation with the EDF Group’s European Works Council, EDF’s board of directors today approved the sale of its UK electricity distribution networks to the Cheung Kong Group following its irrevocable offer of 29 July, worth £3.2bn in equity. This would represent a €6.8bn (£5.1bn) in net debt reduction for the Group.
The deal is subject to the approval by the CKI Group shareholders, the French Minister of the Economy and the European Commission.
EDF also said the welfare of the affected “employees, pensioners, customers and communities” will be guaranteed in the remaining stages.