GDF Suez to acquire International Power
French energy group GDF Suez is to acquire 70% of British competitor International Power it was announced this morning.
GDF Suez will pay a dividend of 92 pence per share to IP stakeholders for a total price of £1.4bn pounds (€1.68bn).
The company will be known as New International Power and will be the biggest independent power producer in the world with estimated sales of £11.2bn.
Under the deal GDF, which is 35% state-owned, will bring its non-European power generation businesses into International Power, plus assets in the UK and Turkey, in return for a majority stake in the new UK-quoted company.
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