Enel and Enel Distribuzione have signed an agreement with F2i, Ardian and F2i Reti Italia for the sale of the residual stake (equal to 14,8% of the share capital) held by Enel Distribuzione in Enel Rete Gas. The agreement provides for a consideration for the sale of 122,4 million euros, which corresponds to an overall valuation of the company in line with the Rab (Regulated asset base).
The sale is subject to the pre-emption right of the shareholders of Enel Rete Gas, including F2i Reti Italia (a subsidiary of F2i and Ardian which holds 85,1% of the share capital of Enel Rete Gas), and will be finalized in favor of a newly established company also controlled by F2i and Ardian. The agreement also provides that, at the same time as the transfer of the equity investment, F2i Reti Italia will repay to Enel, in advance of the natural expiry of 2017, the loan received by the latter in 2009, on the occasion of the sale of 80% of Enel's capital Gas network.
It is expected that the amount of this loan at the end of 2013 will be approximately 177 million euros (amount including the initial principal, as well as interest accrued and not yet repaid). The completion of the transaction, expected by the end of 2013, is conditional on the approval of certain amendments to the by-laws of Enel Rete Gas (which will be submitted to an extraordinary shareholders' meeting that has already been convened). The transaction is part of the disposal program announced to the market by Enel on March 13 and allows the group to generate proceeds of approximately 300 million euros, with a reduction effect on the consolidated net financial debt of 122,4 million euro (equal to the consideration for the sale of the equity investment).
