Enel To Sell Romanian Business To Public Power Corp. For EUR 1.260 Bln

Enel S.p.A. (ENLAY.PK,EN),an Italian energy firm, said on Thursday that it has inked a deal with Greek company Public Power Corporation S.A. or PPC, to sell its all equity stakes in Romania, for around 1.260 billion euros, equivalent to an enterprise value of about 1.900 billion euros.

The transaction aims to reposition Enel on higher-growth countries where it has an integrated presence, namely Italy, Spain, the U.S., Brazil, Chile, and Colombia, the company said.

For 2022-23, the transaction is expected to have a negative impact on Enel's net income amounting to around 1.4 billion euros, of which around 0.6 billion euros related to the release of the foreign exchange reserve to be booked in 2023.

In addition, the acquirer noted that the transaction is set to bear no impact on its ordinary economic results.

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