Enel continues the maxi divestment plan to cut the debt: after Romania and Argentina, now it's Peru's turn. Enel Peru (subsidiary of Enel through the Chilean listed company Enel Américas SA) has signed an agreement for the sale of the stakes held in Enel Distribución Perú and Enel X Perú to the Chinese CSGI for approximately 2,9 billion dollars, corresponding to approximately 4 billion in terms of enterprise value (referring to 100%). %). Furthermore, the total consideration is subject to adjustments usual for this type of transaction in consideration of the time which will elapse between the signing of the agreement and the completion of the transaction. The Italian multiutility confirms it in a note.
The transaction is in line with the Group's current Strategic Plan, which envisages the completion of the Group's repositioning in the six core countries, specifically Italy, Spain, the United States, Brazil, Chile and Colombia.
Enel Peru sells all assets to the Chinese CSGI
The agreement provides for the sale to the Chinese China Southern Power Grid International (HK) Co., Ltd. (CSGI) of the entire stakes held in the electricity distribution and supply company Enel Distribución Perú and in the advanced energy services company Enel X Peru. The Chinese company will acquire Enel Perú's stakes in Enel Distribución Perú (equal to approximately 83,15% of the share capital) and in Enel X Perú SAC (equal to 100% of the share capital).
Debt reduction of approximately 3,1 billion euros
Overall, the transaction is expected to generate a debt reduction Group consolidated net income of approximately €3,1 billion in 2023 and a positive impact in 2023 on reported Group net income of approximately €500 million. While the transaction is not expected to have an impact on Enel's ordinary economic results. The completion of the sale is subject to certain conditions precedent that are usual for this type of transaction, including the approval of the competent competition authority in Peru as well as the competent Chinese authorities in matters of foreign direct investment.
Starace (Enel): "Let's maximize the value of the investments made so far in Peru"
“This transaction allows us to maximize the value of the investments made so far in Peru in the digitization of the grid and in advanced energy services, continuing the implementation of the asset disposal plan announced in November at the presentation of Enel's Strategic Plan to the financial markets , and aimed at completing the process of rationalizing the Group, which has always been a fundamental element of our strategy". He stated it Francesco Starace, managing director and general manager of the Enel group.
