Enel to Sell 50% Stake in Grid-Services Unit
21 October 2022 - 5:33PM
Dow Jones News
By Giulia Petroni
Enel SpA said late Thursday that it has agreed to sell 50% of
its grid-services unit Gridspertise Srl to private-equity firm CVC
Capital Partners Fund VIII for a consideration of around 300
million euros ($293.6 million).
The Rome-based energy company said that the deal values the
whole unit at EUR625 million, and that that could increase to EUR1
billion with potential deferred payments. The company said it
expects the transaction to have a positive impact on group earnings
before interest, taxes, depreciation and amortization of around
EUR500 million, as well as a positive effect on net debt of around
EUR300 million.
The sale, which is subject to conditions including
administrative authorizations, is expected to close at the end of
the year, the company said. Following the transaction, Enel and CVC
will jointly control the company.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 21, 2022 02:18 ET (06:18 GMT)
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