Centrica plc (Centrica) today announced that through Segebel SA, a holding company owned 50/50 in a joint venture with Gaz de France SA (Gaz de France), it has completed the acquisCentrica plc (Centrica) today announced that through Segebel SA, a holding company owned 50/50 in a joint venture with Gaz de France SA (Gaz de France), it has completed the acquisition of a controlling 51 per cent stake in SPE SA (SPE), a Belgian energy company, in a deal which values SPE at €760 million (£515 million).
At the same time, Centrica’s existing 50/50 joint venture energy supply business in Belgium, Luminus NV (Luminus), and ALG Nègoce, Gaz de France’s 50/50 retail joint venture in Belgium, have been acquired by SPE for shares, valuing the entities at €207 million (£140 million) and €2 million (£1.4 million) respectively. The 49% balance of the enlarged SPE is held by existing Belgian shareholders of SPE, Publilum (Centrica’s existing partner in Luminus) and ALG.
After taking into account the sale of its share of Luminus to SPE, the cash cost to Centrica of this transaction is €144 million (£98 million).
Centrica originally announced this transaction on 24th June 2005. Completion of the transaction was conditional, amongst other things, on clearance by the European Commission which has since been granted.
ition of a controlling 51 per cent stake in SPE SA (SPE), a Belgian energy company, in a deal which values SPE at €760 million (£515 million).
At the same time, Centrica’s existing 50/50 joint venture energy supply business in Belgium, Luminus NV (Luminus), and ALG Nègoce, Gaz de France’s 50/50 retail joint venture in Belgium, have been acquired by SPE for shares, valuing the entities at €207 million (£140 million) and €2 million (£1.4 million) respectively. The 49% balance of the enlarged SPE is held by existing Belgian shareholders of SPE, Publilum (Centrica’s existing partner in Luminus) and ALG.
After taking into account the sale of its share of Luminus to SPE, the cash cost to Centrica of this transaction is €144 million (£98 million).
Centrica originally announced this transaction on 24th June 2005. Completion of the transaction was conditional, amongst other things, on clearance by the European Commission which has since been granted.