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PGE and EDF have signed put option agreement regarding the sale of EDF assets in Poland

  • No. of the report: 26/2017
  • Report date: 11.05.2017 16:46
  • Report legal ground: Art. 17 sect. 1 of MAR – inside information.

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”, the “Company”) discloses that on May 11, 2017 PGE and EDF International SAS and EDF Investment II B.V. (jointly “EDF”) have signed Put Option Agreement (the “POA”) regarding the sale of EDF assets in Poland. PGE - previously declaring 60% share in the transaction to be executed with business partners - currently is acting as the sole bidder in the transaction and has committed to individually buy assets of EDF in Poland, including:
(i) acquisition of all shares held by EDF in EDF Polska S.A., which is the owner of in particular: 4 CHPs i.e. Kraków, Gdańsk, Gdynia and Toruń, district heating network in Toruń and Rybnik power plant, and
(ii) acquisition of all shares of EDF in Zespół Elektrociepłowni Wrocławskich Kogeneracja S.A., which is the owner of 4 CHPs i.e. Wrocław, Zielona Góra, Czechnica and Zawidawie and district heating network in Zielona Góra, Siechnica and Zawidawie.
POA’s terms provide EDF with the option to call PGE to sign the Share sale agreement (the “SSA”) for the above mentioned assets, provided that certain conditions are met, including inter alia EDF’s corporate approvals for the sale transaction.
SSA shall be signed no later than July 26, 2017. The Company will inform in a separate current report about further steps in the transaction.
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