Engie to Acquire Majority Stake in Electro Power Systems

Engie SA (ENGI.FR) will acquire a majority stake in French power storage and microgrid provider Electro Power Systems (EPS.FR), the company said Wednesday.

Neither company disclosed the exact size of the deal, but Engie said it will own slightly above 50% of EPS's share capital and voting rights following the completion of the transaction.

Engie said it has agreed a price of EUR9.50 a share for the acquisition, equivalent to a 16.7% discount to EPS's closing share price on Wednesday, according to FactSet.

EPS has installed 36 microgrid and energy-storage projects across a range of countries, with a strong presence in Asia-Pacific and Africa, according to the company's website.

The transaction fits into Engie's broader push towards decentralized clean energy, said Executive Vice President Shankar Krishnamoorthy

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 24, 2018 12:46 ET (17:46 GMT)