AREVA’s bondholders on Monday approved the partial transfer of assets and bond debt from AREVA SA to new spinoff entity NewCo, which will focus on nuclear fuel cycle services.
AREVA has valued the transfer of assets and liabilities at 1.4 billion euros, or 2 billion euros when accounting for tax consolidation. The fuel cycle operations include mining and front-end and back-end activities. The mass restructuring, which was announced in June, is expected to raise at least 5 billion euros for the two companies through government investment and asset sales.
As drawn up, the French state utility will control up to 67 percent of NewCo, directly and indirectly, while the rest of the company is available for private investment. The realignment involves capital increases of 5 billion euros for both AREVA SA and NewCo, with the French state expected to act as lead shareholder.
