Luxembourg Utilities S.A., GEM Capital Management, Inc., Bernard Krief Consultants SA and industrialists agreed to acquire 42.47% stake in Vergnet from Bpifrance Participations SA.

Luxembourg Utilities S.A., GEM Capital Management, Inc., Bernard Krief Consultants SA (ENXTPA:MLKRI) and industrialists (buyers) agreed to acquire 42.47% stake in Vergnet SA (ENXTPA:ALVER) from Bpifrance Participations SA on December 14, 2017. The buyers will also take over Vergnet's liabilities, which will be paid off over ten years or converted into shares. Upon completion of transaction, Patrick Werner will become Chief Executive Officer of Vergnet and nominate a new Board.

140 employees of Vergnet will be retained.