PGE completes EDF assets takeover

WSE-listed power utility finalized the purchase of Polish assets of French utility EDF for PLN 4.27 billion. The price includes PLN 2.45 billion in equity, the intra-group debt of PLN 1.68 billion, as well as interest. The price is slightly lower than the PLN 4.51 billion price tag announced back in May when the preliminary deal was signed. PGE will fully consolidate result starting from the acquisition date, the company said in a market filing. As a result of the agreement, PGE will acquire a number of conventional generation assets, including four power plants, namely Kraków, Gdańsk, Gdynia and Toruń, the heat distribution network in Toruń and the Rybnik Power Plant (currently controlled by EDF Polska SA), four power plants, Zielona Góra, Czechnica and Zawidawy and heat distribution networks in Zielona Góra, Siechnice and Zawidaw (currently controlled by EDF Polska SA and EDF Investment III BV).