December 14, 2016 / 2:37 PM / a year ago

EDF's board approves partial sale of its grid unit RTE - source

PARIS, Dec 14 (Reuters) - EDF’s board has approved the partial sale of the French state-controlled utility’s high-voltage power grid to state bank Caisse des Depots, a source familiar with the situation said on Wednesday.

“The partial sale of RTE has been approved by a majority of the board,” the source said.

EDF declined to comment.

In July, EDF had entered exclusive talks with state-owned bank Caisse des Depots and its unit CNP Assurances to sell them a 49.9 percent stake in power grid unit RTE on the basis of an indicative value of 8.45 billion euros ($9 billion)for 100 percent of RTE’s equity.

The deal is set to close in the first half of 2017.

$1 = 0.9403 euros Reporting by Geert De Clercq and Benjamin Mallet; Editing by Andrew Callus and Sudip Kar-Gupta

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