Enel sells 50% of Gridspertise to CVC for 300 million

MADRID, 21 Oct.

Enel sells 50% of Gridspertise to CVC for 300 million

MADRID, 21 Oct. (EUROPA PRESS) -

The Italian energy company Enel has signed an agreement through Enel Grids for the sale of 50% of its subsidiary Gridspertise to the CVC fund, which will pay a total consideration of around 300 million euros, the company reported.

In this way, the company value of 100% of Gridspertise is equivalent to 625 million euros, a figure that could reach up to 1,000 million euros through possible deferred payments contemplated in the agreement.

The closing of the sale, scheduled for the end of 2022, is subject to certain customary conditions for this type of transaction, including obtaining various administrative authorizations. Once the sale is completed, Enel and CVC will operate the company under a joint control regime .

Enel expects the overall transaction to generate a positive impact on its Ebitda of approximately €500 million, together with an expected positive effect on the group's consolidated net debt of around €300 million.

Gridspertise, created in 2021, provides distribution network operators with access to cutting-edge sustainable solutions for the digital transformation of electricity distribution networks.

"With this partnership, we are joining forces with CVC to support the growth of Gridspertise and further enable the achievement of its mission, underlining the importance of distribution system operators and the digital transformation of electrical infrastructure in the energy transition process. "said Francesco Starace, CEO and General Manager of Enel.

In this regard, Enel's top executive recalled that both the European Commission and the United States Government have recently addressed the need to support networks to improve energy efficiency and accelerate the deployment of renewable energies with investment plans.

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