LONDON, MILAN and PARIS, March 8, 2018 /PRNewswire/ --
Following the announcement through a press release dated 24 January 2018, Electro Power Systems S.A. ("EPS"), technology pioneer in energy storage systems and microgrids, listed on the French-regulated market Euronext Paris (EPS:FP), is pleased to announce the closing of the acquisition by ENGIE of a strategic ownership interest in EPS of about 51% of the share capital and voting rights.
The completion was subject to standard conditions of closing and these conditions have now been successfully met.
The transaction is executed at €9,5 per share and will be followed by the end of March by the filing of a simplified mandatory tender offer at the same price, subject to the fairness opinion of Associés en Finance, the independent expert appointed by EPS according to the article 261-1 I of the General Rules of the AMF General Regulation. ENGIE intends to maintain the listing of the EPS shares at the end of the offer.
With more than 150,000 employees and a strong presence in around 70 countries worldwide, ENGIE is one of the world's largest global utility and industrial companies and a leader in the fields of electricity and energy services. Listed in Paris and Brussels, ENGIE is represented in the major stock indices.
Through this deal and the industrial partnership with ENGIE, EPS is committed to pursuing its dynamic growth strategy, with special focus on decentralised energy solutions. Employing innovative solutions and digital transformation, EPS aims to become a major player in the energy's transition to a low-carbon economy.
About ELECTRO POWER SYSTEMS
Electro Power Systems (EPS) operates in the sustainable energy sector, specialising in storage solutions and microgrids that enable intermittent renewable sources to be transformed into a stable power source. Listed on the French-regulated market Euronext (EPS:FP), EPS is part of the CAC® Mid & Small and the CAC® All-Tradable indices. Its registered office is in Paris and conducts its research, development and manufacturing in Italy. Thanks to technology covered by 125 patents and applications, combined with more than 10 years of R&D, the Group develops utility scale energy storage systems to stabilize electrical grids that are heavily penetrated by renewable sources in developed countries and microgrids in emerging economies to power off-grid areas at a lower cost than fossil fuels. As of 30 June 2017, EPS has installed and has under commissioning an aggregate of 36 large scale projects, including off-grid hybrid systems powered by renewables and energy storage that provides energy to over 165,000 customers every day, with a total capacity output of 47MWh systems in 21 countries worldwide, including Europe, Latin America, Asia and Africa.
SOURCE EPS Group