5.1 Business combinations
In 2024, the following companies were acquired and integrated into the consolidated financial statements:
On 12 April 2024, Alpiq acquired a 54.9% stake in P2X Solutions Oy for CHF 45.1 million (EUR 46.8 million). P2X Solutions Oy is a leading Power-to-X developer in the production and sale of green hydrogen and synthetic fuels. The company is currently constructing the first industrial-scale green hydrogen production facility in south-west Finland, in the town of Harjavalta. Scheduled to be operational in early 2025, the facility will boast an electrolysis capacity of 20 MW, positioning it as one of the largest of its kind in Europe.
On 19 June 2024, Alpiq acquired 100% of the shares in Pispantallin Tasapainotus Oy, based in Vantaa, Finland, from Merus Power Oy for CHF 0.72 million (EUR 0.75 million). The company is constructing one of the largest battery energy storage systems in Finland; the 30 MW large-scale battery is set to become operational in Valkeakoski by mid-2025.
The following allocation of fair values was applied in the balance sheet:
CHF million | Fair value |
Property, plant and equipment | 47.7 |
Intangible assets | 5.3 |
Deferred income tax assets | 1.0 |
Receivables and other current assets | 0.3 |
Cash and cash equivalents | 22.1 |
Total assets excl. Goodwill from acquisition | 76.4 |
Deferred income tax liabilities | 0.9 |
Non-current financial liabilities | 10.5 |
Other current liabilities | 3.0 |
Accruals and deferred income | 0.1 |
Total liabilities | 14.5 |
Net assets | 61.9 |
Non-controlling interests | 27.6 |
Net assets acquired (Shareholder's of Alpiq Holding AG) | 34.3 |
Acquisition costs for acquired stake | 45.5 |
Goodwill from acquisition | 11.2 |
Net cash flow arising from acquisition activities: | |
Acquisition costs | – 45.5 |
Cash and cash equivalents acquired with subsidiaries | 22.1 |
Net cash flow | – 23.4 |