Altri reaches agreement with Energias de Portugal to buy 50% share capital of EDP Bioeléctrica for Euro 55 million

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Altri reaches agreement with Energias de Portugal to buy 50% share capital of EDP Bioeléctrica for Euro 55 million

August 01, 2018 - 04:54

PORTO, Portugal , July 31, 2018 (Press Release) -Under the terms and for the purposes of article 248-A of the Portuguese Securities Code, Altri, SGPS, S.A. (Altri) hereby informs that, on the present date, has reached an agreement with EDP – Energias de Portugal, S.A. (EDP), to buy, directly and through its subsidiary Caima Indústria de Celulose, S.A., 50% of the share capital, credits and voting rights that EDP holds, directly and indirectly, in the share capital of EDP Produção – Bioeléctrica, S.A. (EDP Bioeléctrica), hence assuming, as a consequence of this agreement, the control of 100% of this Company. The transaction amounts to an estimated global value of € 55,000,000.00 (fiftyfive million Euro).

The transaction is subject to prior notification to the Competition Authority, under the terms established in the competition legal regime and, therefore, contingent to the decision of non-opposition by the Competition Authority, being its conclusion estimated to occur during the second half of 2018.

EDP Bioeléctrica today is a reference player in the market of electric power production through forest biomass and, directly or through its wholly owned subsidiaries, operates at four plants in Portugal, being under construction a new plant which conclusion is estimated for the first half of 2019. The global installed capacity of all the plants, including the new plant, is 100 MW.

This agreement will allow Altri to follow its strategy of continuous improvement in the integration between the biomass produced by the forestry activity and the production of energy from this renewable resource, increasing its capacity of actively contributing to the enhancement of the forest planning and management and, consequently, for its sustainability, a current and absolutely imperative concern for our country, which has been one of Altri’s priorities since many years.