Zurich | Baden – Axpo Holding AG (Axpo) has sold their participation in Elektrizitätswerk des Kantons Schaffhausen AG (EKS) to the Canton of Schaffhausen as part of a portfolio streamlining exercise.

In 2004 the Canton of Schaffhausen sold a 25% equity interest to Axpo Holding AG. Following a structured sale process implemented by Axpo in 2017, the Canton of Schaffhausen exercised its right of first refusal to acquire the participation at a price of 53 million Swiss francs.

The sale of its participation in EKS is part of the strategy announced by Axpo to optimise its power generation portfolio in light of current market conditions.

A team from CMS Zurich around partner Dr Stephan Werlen provided Axpo with legal support and advisory services during the sale process.