Following the approval of the European Commission and of the Minister of the Economy, following consultation with the French Commission des Participations et des Transferts, EDF has finalised the transfer of its British electricity distribution networks to the Cheung Kong Group (CKI), for an equity value of £3.2bn (€3.7bn*)This transaction will result in debt reduction of approximately €6.7bn* for the EDF Group, thereby exceeding its financial debt reduction target of €5bn, announced in February 2009.
Following this transaction, EDF and CKI plan to establish commercial collaborations in the British market in the fields of smart grids and research & development, and initiatives to encourage low carbon behaviours.
*At an exchange rate of 1.1494€/£.
