ENERL-ACTIVOS/PERU-CSGI (PHOTO) – REUTERS Agency
MILAN, April 7 (Reuters) – Enel, the largest Italian power utility, said on Friday it had agreed to sell its stake in two Peruvian assets for $2.9 billion to China Southern Power Grid International (CSGI).
In November, Enel launched an asset sale plan to focus on six major countries and cut its debt. By the end of last year, the company’s net debt had shrunk to 60.1 billion euros ($65.49 billion) from a high of nearly 70 billion euros at the end of September.
The transaction is expected to reduce Enel’s consolidated debt by around 3.1 billion euros this year, with a positive impact of around 500 million euros on reported net income. No impact is expected on the group’s ordinary economic results.
Under the agreement, Enel’s Peruvian subsidiary will sell its entire 83.15% stake in the electricity distribution and supply company Enel Distribución Perú and 100% of Enel X Perú, which provides advanced energy services, reported in a statement.
The price paid by the buyer is subject to the usual adjustments in this type of operation, given the time that elapses between signing and closing.
The closing of the sale requires the authorization of the competent antitrust authority in Peru and the approvals of the Chinese authorities for direct investments abroad.
(1 dollar = 0.9181 euros) (Reporting by Gianluca Semeraro; Editing in Spanish by Manuel Farías)
Source: Ambito
