Enel Announces Deal To Sell 50% Of Gridspertise To CVC

Enel S.p.A. (ENLAY), a multinational power company on Thursday said it has signed, through Enel Grids S.r.l., an agreement to sell a 50 percent quota in its unit Gridspertise S.r.l. to private equity fund CVC Capital Partners Fund VIII.

Enel Grids is the group's global business line dedicated to the management of the electricity distribution service worldwide.

Gridspertise provides Distribution Grid Operators access to cutting-edge sustainable solutions for the digital transformation of electricity distribution networks in three main areas viz metering and grid edge digitalization, networks infrastructure digitalization and field operations digitalization.

CVC would pay a consideration of about 300 million euros, equivalent to an enterprise value of 625 million euros, that could reach up to 1,000 million euros through potential deferred payments.

The transaction is expected to add to Enel Group's EBITDA by approximately 500 million euros and the consolidated net debt of around 300 million euros.

The transaction is scheduled to close by the end of 2022. Following the transaction, Enel and CVC would operate the company in a joint control regime.

Shares of Enel SpA closed Thursday's trading at $4.06, down $0.057 or 1.38 percent from the previous close.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT