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EDF completes 75.5 percent acquisition of Areva NP - statement

Reuters - UK Focus

PARIS, Dec (Shanghai: 600875.SS - news) 22 (Reuters) - French state-owned utility EDF (Swiss: EDF.SW - news) has completed the acquisition of a 75.5 percent stake in Areva NP, the nuclear reactor construction unit of fellow state-owned nuclear group Areva (LSE: 0P4A.L - news) , it said on Friday.

"These agreements foresee the acquisition by EDF (Paris: FR0010242511 - news) of 75.5 percent of New NP’s capital on the basis of an adjusted valuation of 2.47 billion euros," EDF said in a statement.

Under a November, 2016 agreement, EDF agreed to buy between 51 and 75 percent of Areva NP based on a value of 2.5 billion euros for 100 percent of its capital..

Japan's Mitsubishi Heavy Industries (Other OTC: MHVYF - news) (MHI) will at the same time buy a 19.5 percent stake in Areva NP, while French industrial engineering firm Assystem (LSE: 0OA7.L - news) will buy a 5 percent stake, the statement said.

EDF's acquisition of Areva NP is part of a state-led financial rescue operation for Areva which was decided by the previous government in June 2015, when current French President Emmanuel Macron was economy minister. (Reporting by John Irish; Editing by Robin Pomeroy)