02/12/2019, 19:00
| Ad hoc announcement pursuant to Art. 53 LR
Lausanne – In connection with the sale of its Engineering Services business, which was concluded in 2018, Alpiq has filed arbitration proceedings against the purchasing party Bouygues Construction. This is due to diverging views on the definitive purchase price adjustment amount based on the takeover balance sheet.
As is common practice in mergers and acquisitions transactions, a price adjustment mechanism was contractually agreed between Alpiq and Bouygues Construction, which came into effect following the closing of the transaction. There are now diverging views regarding the definitive determination of this adjustment. While Alpiq is concluding on receiving an additional amount of CHF 12.9 million, Bouygues Construction is demanding payment of CHF 205.1 million.
Alpiq vehemently contests the claim of Bouygues Construction both in terms of its amount and content and has therefore filed for arbitration proceedings against Bouygues Construction pursuant to the arbitration regulations of the Swiss Chambers’ Arbitration Institution on 12 February 2019 in order to enforce its claims arising from the price adjustment mechanism.
Following the approval of the competition authorities in the EU and Switzerland, the transaction regarding the acquisition of Alpiq’s Engineering Services business by Bouygues Construction was closed on 31 July 2018. As a result, Alpiq received approximately CHF 800 million in gross funds.
Find more information about Alpiq on www.alpiq.com