Akfen Holding announced that it signed a share purchase agreement with Aquila Capital Wasserkraft Invest GmbH and Aquila HydropowerINVEST Investitions GmbH & Co. for the transfer of the remaining 60% of Karasular HEPP (which has an installed capacity of 26 MW) for a consideration of EUR 36.5mn. Recall that Akfen Holding had finalized the sale of 40% of Karasular Enerji to Aquila HydropowerINVEST Investitions GmbH & Co. KG on November 30, 2012. With regards to the closing of the Karasular transaction, the buyers have transferred the EUR1mn break-up fee and 50% of the sales amount to the escrow account and the agreement has become valid. The share transfer is planned to take place until 25 June 2013 following the completion of the required approvals. We generally deem the news as positive for Akfen Holding.

Source: bne