Power generators International Power PLC (IPR.LN) and GDF Suez SA (GSZ.FR) said the combination of assets around the globe completed Thursday, consolidating their position in the U.K. and U.S. while strengthening their business in fast-growing emerging markets.
Power generators International Power PLC (IPR.LN) and GDF Suez SA
(GSZ.FR) said the combination of assets around the globe completed Thursday,
consolidating their position in the
U.K.
and
U.S.
while
strengthening their business in fast-growing emerging markets.
Under the terms of the transaction, GDF Suez is injecting its assets outside
continental
Europe
into International Power in a
tie-up that makes GDF Suez, with its approximate 70% stake in the new
International Power, the world's largest utility by revenue. In 2009, GDF Suez
revenues were EUR84 billion.
The deal strengthens the companies' positions in fast-growing economies in
Latin
America
,
Asia
and the
Middle East
where
they are targeting growth. The new International Power will also have a
strengthened capital structure, improved access to capital plus a lower cost of
debt due to an anticipated investment grade credit rating, International Power
has said.
"The completion of this transaction creates a high-growth, world-leading
independent power generation company," said International Power Chairman
Neville Sims. "The enlarged group has a strong pipeline of committed
new-build projects already in the course of construction, and enhanced access
to further significant growth opportunities through its broader global
presence."
Under the terms of the deal, International Power shareholders will receive a
cash payment of 92 pence a share, totaling GBP1.4 billion from the French
utility, through a special dividend to be paid Feb. 25.
GDF Suez is transferring its operations outside
Europe
, plus
certain assets in the
U.K.
and
Turkey
, to
International Power along with EUR4.4 billion of net debt. The reverse takeover
leaves GDF Suez as International Power's majority shareholder, with 70% of the
combined company's shares. International Power shareholders retain the other
30%.
Dirk Beeuwsaert is the new chairman of International Power, and Neville Simms
will take on the role of deputy chairman.
The new International Power will remain an independent company listed and
headquartered in
London
.
At 1130 GMT, shares in International Power were up 2.1% at 413.3 pence,
outperforming the broader
U.K.
market.
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