CMS ADVISES AXPO ON THE SALE OF ITS STAKE IN LIZERNE ET MORGE SA
Zurich | Baden – Axpo Trading AG sold its 50% stake in Lizerne et Morge SA to the City of Sion as part of efforts to streamline its portfolio. The deal increases the City of Sion’s share in the Valais-based power-plant company to 70% from its previous stake of 20%. The transaction was completed on 11 April 2017.
The disposal of its stake in Lizerne et Morge SA is part of Axpo’s stated strategy of optimising its power-generation portfolio in light of the current market situation.
Founded in 1957, Lizerne et Morge SA is a power-plant company headquartered in Sion, in the Swiss canton of Valais. Since its establishment in the 1960s, the company has operated a pumped storage plant that harnesses hydropower from the Lizerne and Morge rivers. The central plant, constructed at the end of the Lizerne Gorge, has an installed capacity of 50 MW and generates an average annual output of around 160 GWh.
A team from CMS Zurich, led by Partner Dr Stephan Werlen, provided Axpo with support and legal advice during the sale process.
Dr. Stephan Werlen, Partner, Corporate/M&A
Daniel Burkhard, Associate, Corporate/M&A
Marion Wyler, Associate, Commercial