EDF completes Areva NP acquisition

PARIS: French state-owned utility EDF 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, it said on Friday.

"These agreements foresee the acquisition by EDF 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 (MHI) will at the same time buy a 19.5 percent stake in Areva NP, while French industrial engineering firm Assystem 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.