PARIS and MILAN, January 24, 2018 /PRNewswire/ --
Electro Power Systems S.A. ("EPS"), technology pioneer in energy storage systems and microgrids, listed on the French-regulated market Euronext Paris (EPS:FP), announces today the signing by ENGIE of a share purchase agreement with its main shareholders, to acquire a majority stake of EPS slightly above 50% of the share capital and voting rights.
With the transaction, a broad industrial partnership to scale up globally, both companies aim at further accelerating their vision to be at the forefront of the energy transition, with special focus on decentralised energy solutions.
For EPS, a recognized technology provider in the microgrid market with a differentiating control technology and already significant micro-grid installed base, in particular in Africa and Asia Pacific, this deal is a transformational step and, starting form today, the company's unique technological platform combined with ENGIE's global reach, establishes a driving force of the energy transition.
To secure and strengthen the full commitment of the highly specialized and sophisticated high-tech management team, as Shankar Krishnamoorthy, Executive Vice President of ENGIE commented, a new retention and long-term incentive plan has been set-up until 2021, linked to the development of the company and to the full deployment of the already announced 2020 industrial plan.
The transaction is executed at €9,5 per share and will be followed by the filing of a simplified mandatory tender offer at the same price. It is important to highlight that ENGIE intends to maintain the listing of the EPS shares at the end of the offer.
ENGIE, headquartered in Paris, is one the largest global utilities, active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016.
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SOURCE Electro Power Systems S.A.