ENEL Enel Spa

By Giulia Petroni

Enel SpA has agreed to sell its Romanian operations to Greek company Public Power Corp. SA for a total consideration of around 1.26 billion euros ($1.33 billion) as part of its disposal plan for the 2023-25 period.

The Rome-based energy player said on Thursday that the transaction is expected to generate a cumulative negative effect of around EUR1.4 billion on the group's net profit in 2022-23 and a positive effect of around EUR1.7 billion on net debt, of which almost EUR100 million in 2022 and the remaining amount in the current year.

The equity stakes sale's total consideration is subject to adjustments and is equivalent to en enterprise value of around EUR1.90 billion, Enel said.

Closing is expected by the third quarter of 2023, subject to conditions including clearance from antitrust authorities.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 09, 2023 01:40 ET (06:40 GMT)

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