WARSAW, May 11 (Reuters) - Poland’s biggest power group PGE said it has signed a conditional agreement to buy EDF’s Polish power and heating assets.
PGE will buy all the shares in EDF Polska, which owns four power and heat-generating plants and a coal-fuelled power plant, as well as EDF’s 50 percent stake in Kogeneracja, which owns another four power and heating plants.
PGE said that the terms of the agreement provide EDF with the option “to call PGE to sign the share sale agreement for the above mentioned assets, provided that certain conditions are met, including inter alia EDF’s corporate approvals.”
The final deal is expected to be signed no later than July 26.
PGE has not disclosed the price, but the EDF assets under negotiation were valued at about 1.5 billion euros ($1.6 billion), local media reported. ($1 = 0.9203 euros) (Reporting by Agnieszka Barteczko; Editing by Susan Fenton)