EDF to Buy $249 Million Constellation Nuclear Stake
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Electricite de France SA, seeking to avoid a $2 billion obligation, agreed to buy the half of a nuclear venture it doesn’t own from partner Constellation Energy Group Inc. for $249 million in cash and stock.
Constellation, based in Baltimore, will get $140 million in cash and 3.5 million of its own shares in exchange for its stake in UniStar Nuclear Energy, the owner of sites for at least four new reactors at existing plants, the companies said today in a statement. Constellation will forgo its right under a previous contract to sell $2 billion of plants to EDF.