Enel Buys Additional Stake Of 13.6% In E-Distributie Muntenia And Enel Energie Muntenia For EUR400M

The acquisition of a further 13.6% of the share capital of the electricity distribution and sales companies operating in the Romanian region of Muntenia was finalized for a consideration of about EUR400 million, Italian utility group Enel said in a statement Monday.

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Enel said that its wholly-owned subsidiary Enel Investment Holding B.V. finalized the acquisition from SAPE S.A. (the Romanian state-owned holding company that owns state shareholdings) of around 13.6% of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A. for a total EUR400 million.

Following the transaction, Enel Investment Holding has increased its interest in E-Distributie Muntenia and Enel Energie Muntenia to about 78% of each company’s share capital, from the 64.4% held previously.

The acquisition of an additional stake of 13.6% in E-Distributie Muntenia and Enel Energie Muntenia is a consequence of SAPE exercising a put option in November 2012, asking for a price of about EUR520 million, amount which was contested by Enel Investment Holding.

In 2014, Romania’s energy assets administration company SAPE filed a suit against Enel at the International Chamber of Commerce in Paris, after failing to reach an agreement on the price for the equity interests.

According to Enel, the Arbitral Tribunal set the purchase price for the equity interests involved in the put option at about EUR400 million.

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