Source Pravda.Ru

Seeboard Purchase Brings UK Customers To 5 Million For EDF

Electricite de France, Europe's biggest power company, has agreed to buy American Electric Power's UK Seeboard unit for 1.39 billion pounds ($2.06 billion) to catch up with rivals in the country.

The French company's UK unit will pay American Electric Power, the biggest US utility owner, 670 million pounds in cash and assume 722 million pounds of debt. It will also take on obligations worth a hundred million pounds.

The purchase brings Electricite de France's UK customer count up to a total of five million. That is estimated as the minimum needed to be profitable in the country, analysts and executives say, as power prices have declined by forty percent there in the past four years.

“It brings EDF the critical mass it wanted,” said Phil Hollobone, an analyst at Societe Generale SA. “But they had to pay up for it.”

Visit to

&to=http://www.edf.fr/htm/en' target=_blank>Electrisite de France

&to=http://www.aep.com/' target=_blank>American Electric Power

Comments
Russian PM threatens not to go to World Economic Forum in Davos
Russian PM threatens not to go to World Economic Forum in Davos
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Presidential and midterm elections in the USA change the 'American project' entirely
Presidential and midterm elections in the USA change the 'American project' entirely
Russian scientists develop technology to create HIV resistant human embryos
Russia rips its economy apart with help from the West
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Moving inexorably towards war
Russia rips its economy apart with help from the West
Austria will not ruin its friendship with Russia despite spy scandal
World War I: Remembering the fallen, and the war criminals
Norwegians complain of demoralised NATO soldiers
Russia rips its economy apart with help from the West
MP suggests replacing Lenin's mummy with rubber figure
Austria will not ruin its friendship with Russia despite spy scandal
Russia rips its economy apart with help from the West
Russia unveils nuclear-powered interstellar spaceship
Russia rips its economy apart with help from the West
NATO to build prestrike staging base in Georgia