Assystem signs with EDF and Areva to acquire a stake in New Areva NP

10 July 2017

Assystem S.A. (ISIN: FR0000074148 – ASY) announces that it has signed an agreement with EDF and Areva under which it will acquire a 5% stake in New NP1.

The signature of this agreement follows on from the offer announced by Assystem in a press release dated 11 May 2017 to participate in the financing round for New Areva NP through the acquisition of a 5% stake in the company alongside EDF, its future majority shareholder. This investment – which is expected to be completed by the end of the second half of 2017 – will represent an outlay of €125 million for Assystem.

The acquisition forms part of a broader agreement between Assystem and EDF aimed at consolidating their partnership, particularly concerning maintenance services carried out on civilian nuclear reactors in France and the United Kingdom to ensure they remain in proper operating condition. It also opens up new opportunities for Assystem to take part in new-build projects in the French nuclear industry. At the same time, it does not in any way restrict Assystem’s scope of working with other major international players.

As stated in the press release of 11 May 2017, the objective is for New Areva NP – which generated €3.27 billion in revenue in 20162 – to refocus on its core business and to be safeguarded against risks related to providing project management and turnkey solutions for the construction of new nuclear power plants. The value assigned to the company's net assets (€2.5 billion without any transfer of cash or debt and excluding any potential earn-outs or price adjustments) takes into account the impacts of the performance plan launched in 2015 on the company's operating profitability.

Dominique Louis, Assystem’s Chairman & CEO, said, “We are proud to be contributing to the future of the French nuclear industry. Our commitment to participate in the financing round for New NP is a clear fit with Assystem Energy & Infrastructure’s development strategy both in France and internationally. The agreement we have signed strengthens our long-standing relationship with the major players in the French nuclear industry and opens up new opportunities for working with industry participants in other countries (notably Japan).” 

1 The following will be transferred to New NP (New Areva NP): all of the assets held and activities currently conducted by Areva NP concerning the design and supply of equipment for nuclear reactors, the design and supply of fuel assemblies and the provision of services for a large installed base of nuclear reactors worldwide. The transfer will not include the contracts and resources relating to the EPR OL3 project in Finland, and (certain contracts for parts made at the Le Creusot plant.

2 Revenue figure based on combined consolidated financial statements.

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