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Airtricity Announces Sale to SSE

The board of Airtricity Holdings Limited announced that an agreement has been reached to sell Airtricity to Scottish and Southern Energy Plc (SSE). The board of believes that this transaction will offer value to all shareholders and ensures continued investment in the growth and development of the company under the custodianship of SSE.

The sale represents an equity value of approximately €1.1 billion. As part of the transaction SSE will assume liabilities of €375 million. The purchase price will include payment for the proceeds from the recent Airtricity North America divestiture of approximately €0.8 billion. The combined purchase price, including the North American transaction net of transaction costs and other adjustments is approximately €1.8 billion. Shareholders representing in excess of 80% of the voting shares of Airtricity have approved the transaction.

"Investment opportunities in renewable energy will become increasingly important as the world becomes more carbon constrained and the EU becomes more concerned about energy security," said Ian Marchant, CEO of SSE. "I believe the combination of SSE's and Airtricity's interests in renewable energy will provide an excellent platform for future growth, which will be made much more achievable by combining SSE's financial strength with Airtricity's outstanding ability in project development."

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Volume 18, Issue 3
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