In an attempt to improve its balance sheet as it prepares to invest in its nuclear power business, EDF has agreed to sell 49 per cent of grid unit RTE to CDC-Le Monde.
The French state-controlled utility EDF has agreed to sell the stake in its high voltage power grid unit business according Le Monde, with the plan officially presented to the board today.
The price on which EDF and CDC have agreed is not known but it corresponds to a value of around $7bn (6- 7 billion euros), the newspaper reported, although EDF did not comment.
Reuters reports that the sale could be part of a 10 billion euro asset sale plan with which EDF hopes to shore up its balance sheet and raise funds to invest in nuclear plants in France and Britain.
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