The Abu Dhabi Investment Authority (ADIA), a wealth fund in the Gulf state, has teamed up with Canadian Pension Plan (CPP) to submit a joint GBP5bn bid for EDF's electricity distribution network in the UK, some sources revealed.
EDF's UK electricity network distributes power to 7.9 million homes in the south-east and east of England.
Earlier in October this year, EDF initiated a process to evaluate ownership options for its UK electricity distribution business, which was in line with the group’s intention to reduce its net financial debt by at least EUR5bn by the end of 2010.
The company said that the sale of the distribution network is also part of its development strategy in the UK, which is a key market in Europe for them. However, EDF will still retain its power generation and supply activities in Britain.
EDF said that it was being advised by financial advisors are Barclays Capital and Deutsche Bank London Branch with additional support to be provided by BNP Paribas.
Lexicon Partners and bankers from Goldman Sachs have been appointed to advise the consortium on the bid.
Other bidders who have shown interest in the auction include Scottish and Southern Energy, which has teamed up with Canadian pension fund Borealis, National Grid, and Hong Kong-based Cheung Kong Infrastructure Holdings.
Earlier in October this year, EDF initiated a process to evaluate ownership options for its UK electricity distribution business, which was in line with the group’s intention to reduce its net financial debt by at least EUR5bn by the end of 2010.
The company said that the sale of the distribution network is also part of its development strategy in the UK, which is a key market in Europe for them. However, EDF will still retain its power generation and supply activities in Britain.
EDF said that it was being advised by financial advisors are Barclays Capital and Deutsche Bank London Branch with additional support to be provided by BNP Paribas.
Lexicon Partners and bankers from Goldman Sachs have been appointed to advise the consortium on the bid.
Other bidders who have shown interest in the auction include Scottish and Southern Energy, which has teamed up with Canadian pension fund Borealis, National Grid, and Hong Kong-based Cheung Kong Infrastructure Holdings.
Source: Energy Business Review
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