Enel concluded a double share swap transaction to acquire rights to 56,42% of the capital of Enel Americas, the group's subsidiary for South America. The group thus increased its share capital from the previous 51,8%. The cost of the two operations, announced in October 2018 and settled on Wednesday 10 April 2019, is 412 million euros. The intervention is in line, the group specifies, with the objectives of the 2019-2021 business plan "which remains focused on reducing the presence of minority shareholdings in the Group companies operating in South America".
Going into more detail, Enel acquired: 1.707.765.225 ordinary shares of Enel Américas and 18.931.352 American depositary shares (“ADS”) of Enel Américas, each of which is equivalent to 50 ordinary shares. The consideration was paid with the cash flows generated by ordinary operations. The share swap transaction continues with the intention of achieving an overall capital increase of 5%.
In this regard, Enel has already announced that with regard to the next shareholders' meeting of Enel Americas on April 30, it will vote in favor of the capital increase of up to 3,5 billion US dollars which will be submitted to the shareholders. It is on that occasion that he will obviously pronounce himself in favor of the increase and then exercise the option rights on the Ads acquired.
