Axpo has sold a 49.9 percent minority stake in its Axpo Volt Beteiligung subsidiary — which holds a 31.37 percent share of the national grid company Swissgrid — to BVK, Switzerland’s largest pension fund. Financial terms were not disclosed.
Axpo maintains a 50.1 percent majority stake in Axpo Volt Beteiligung, one of the largest shareholders in Swissgrid, thus retaining full control of its Swissgrid participation in the long term.
“With this transaction, Axpo is further strengthening its solid financial base and enhancing its financial flexibility,” said Joris Gröflin, CFO of Axpo Group. “This will allow us to reinforce our strategic pillars, especially the planned expansion of wind and solar in Switzerland, while also reducing our net debt.”
BVK is the largest pension fund in Switzerland with about 135,000 persons insured, approximately 60 percent of whom work in the health, education, infrastructure, transport and administration sectors. BVK man
