The UK’s International Power and France’s GDF-Suez have closed the merger of GDF-Suez’ business areas outside Europe and certain assets in the UK and Turkey with International Power.
International Power’s shareholders approved the deal in December 2010. More than 99 per cent of the votes were cast in favour of the transaction.
GDF Suez Energy International, a division of GDF-Suez, will now be taken over by International Power in exchange for newly issued International power shares.
The enlarged company will be listed on the official list of the Financial Services Authority (FSA) and traded on the main market of the London Stock Exchange.
International Power shareholders now own 30 per cent of the enlarged company, called New International Power, and GDF Suez owns 70 per cent.
New International Power comprises International Power’s business and GDF Suez’s business areas outside of Europe, together with its operations in the UK and Turkey.
The new company has 66GW gross capacity currently in operation and a further 22GW capacity in committed projects.
Through the merger, International Power hopes to build its presence in Latin America and secure greater exposure to opportunities in Asia and the Middle East.
The board of the new company will be headed by Dirk Beeuwsaert as non-executive chairman and Philip Cox as chief executive officer.