December 22, 2017 / 11:59 PM / 10 months ago

EDF completes 75.5 percent acquisition of Areva NP - statement

PARIS (Reuters) - French state-owned utility EDF (EDF.PA) 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.

FILE PHOTO: The logo of France's state-owned electricity company EDF is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

“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) (7011.T) 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.

Reporting by John Irish; Editing by Robin Pomeroy

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