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France’s EDF completes acquisition of 75.5% stake in New NP

EBR Staff Writer Published 03 January 2018

French state-owned utility EDF has completed the acquisition of 75.5% stake in Areva NP's subsidiary New NP.

The acquisition follows signing of definitive binding agreements between EDF and Areva in December 2017, setting the terms of the sale of an interest in New NP.

As part the agreement signed in November 2016, Areva agreed to sell majority stake in its nuclear reactor business to EDF for €2.5bn.

Meanwhile, Japan’s Mitsubishi Heavy Industries (MHI) has also acquired a 19.5% stake in New NP, while French industrial engineering firm Assystem purchased 5% interest in the unit.

Areva NP said it has transferred all of assets and activities related to 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, to New NP.

EDF chairman and CEO Jean-Bernard Lévy said: “The signing of these definitive agreements marks the culmination of more than two years of work to implement the refounding of the French nuclear industry, with EDF at the head.

“The integration of “New NP” within the EDF group starting on 1 January 2018 will help our industry increase in performance and efficiency in the implementation of major projects such as the “Grand Carénage”, and become more competitive in the construction of new nuclear power plants as many countries recognize the key role of nuclear energy in the transition towards low-carbon power generation.”

EDF said that the acquisition does not affect the contracts for the EPR Olkiluoto 3 project and the resources required to complete the project, as well as certain contracts relating to components forged in Le Creusot plant and will be continued to be with Areva NP.

Areva board of directors chairman Philippe Varin said: “The sale of New NP marks a major step in the restructuring of the AREVA Group and provides New NP and its employees with an environment conducive to its development.”