Enel Sells 50% Stake in Greek Renewables Business to Macquarie for $381 Million
July 26 2023 - 9:36AM
Dow Jones News
By Adria Calatayud
Enel said Wednesday that it has signed an agreement with
Macquarie Asset Management for the sale of a 50% stake in Enel
Green Power Hellas for 345 million euros ($381.4 million) that will
help the Italian utility to cut debt.
Macquarie and Enel will enter into a shareholder agreement that
will give them joint control of EGPH to continue to develop its
project pipeline and expand its installed capacity, the Italian
company said.
The price of the deal implies a full enterprise value, including
debt, for EGPH of around EUR980 million, Enel said.
Enel expects a reduction of its consolidated net debt of around
EUR345 million and a gain of EUR390 million for its 2023 earnings
before interest, taxes, depreciation and amortization as a result
of the deal, it said.
The sale is expected to be completed by the fourth quarter of
2023, subject to regulatory approval, Enel said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 26, 2023 10:21 ET (14:21 GMT)
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