It's a matter of hours, at most days, and Enel will sell half of its stake in Slovenske Elektrarne (equal to 66,7% of the capital of the Slovakian company) to Eph, which will pay the Italian group around 380 million euros, according to reports from Reuters, for the operation.
The debt pertaining to the Slovakian subsidiary, amounting to 1,5 billion, was already deconsolidated when the investment was included in the assets to be sold. “The valuation of the entire stake is 750 million and Enel will collect around 380 million. The debt, amounting to more than 1,5 billion, was already deconsolidated when the stake was listed as available-for-sale assets,” a source told Reuters.
The sale of 66% of Slovenske Elektrarne by Enel will take place in two tranches. Today Enel announced that the signing of the contract with Eph, for the sale of 33% of SE, is now imminent (should take place within this week). The second tranche will instead be sold at the end of 2017. The Slovak government announced today its intention to increase its stake, currently at 34%, by a further 17% at the time of the sale of the second stake.
