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M&A Activity • May 10, 2024
4317_rns_2024-05-10_38c9ffb7-0aa5-4bb1-b1c1-ab5c1e1173fc.pdf
M&A Activity
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| Informazione Regolamentata n. 0116-39-2024 |
Data/Ora Inizio Diffusione 10 Maggio 2024 07:24:28 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | ENEL | |
| Identificativo Informazione Regolamentata |
: | 190393 | |
| Utenza - Referente | : | ENELN07 - Giannetti | |
| Tipologia | : | 2.2 | |
| Data/Ora Ricezione | : | 10 Maggio 2024 07:24:28 | |
| Data/Ora Inizio Diffusione | : | 10 Maggio 2024 07:24:28 | |
| Oggetto | : | Enel: closing of sale of generation assets in Peru |
|
| Testo del comunicato |
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International Press Office Investor Relations
T +39 06 8305 5699 T +39 06 8305 7975 [email protected] enel.com enel.com
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ENEL: CLOSING OF SALE OF GENERATION ASSETS IN PERU
• The equity stakes held by Enel Perú in Enel Generación Perú and in Compañía Energética Veracruz were sold to Niagara Energy, for a total of around 1.3 billion US dollars (about 1.2 billion euros1 ), equivalent to an enterprise value of about 2.1 billion US dollars on a 100% basis (approx. 2 billion euros1 )
Rome, May 10th , 2024 – Enel S.p.A. informs that its subsidiary Enel Perú S.A.C., controlled by Enel S.p.A. through the Chilean listed company Enel Américas S.A., has finalized the sale of all the equity stakes held in the power generation companies Enel Generación Perú S.A.A. and Compañía Energética Veracruz S.A.C. to Niagara Energy S.A.C.
The transaction has been closed following the fulfillment of the conditions precedent set forth in the sale and purchase agreement, announced on November 22nd, 2023, including the clearance from the competent Antitrust authority in Peru.
The total consideration amounts to about 1.3 billion US dollars (approximately 1.2 billion euros1 ), including adjustments customary for these kinds of transactions, as set forth in the sale and purchase agreement. The overall enterprise value relating to 100% of the disposed assets is around 2.1 billion US dollars (about 2 billion euros1 ).
The transaction generated a reduction of the Group's consolidated net debt of approximately 1.2 billion euros in 2024, adding to approximately 400 million euros recognized in 2023 mainly due to reclassification as "held for sale" of the assets and related liabilities of Peruvian generation activities. Likewise, the transaction generated a positive impact on reported Group net income in 2024 amounting to approximately 7 million euros2 . The transaction does not have any impact on Group ordinary economic results.
The sale, envisaged in the 2024-2026 Strategic Plan, is in line with the objective of guaranteeing the Group a sound and sustainable financial structure as well as increasing the stake of capital invested in geographies where the Group has focused its Strategic Plan.
Specifically, Enel Perú S.A.C. sold to Niagara Energy S.A.C., a Peruvian company controlled by the global investment fund Actis, the equity stakes it held:
(i) in the share capital of Enel Generación Perú S.A.A. 3 (equal to approximately 86.95%), within the framework of a full takeover bid launched by Niagara Energy S.A.C.;
(ii) in the share capital of Compañía Energética Veracruz S.A.C. (equal to 100%).
1 Based on the exchange rate as of May 8th , 2024.
2 Impact on reported Group net income estimated on the basis of the accounting results as of March 31st , 2024.
3 In line with the provisions of the sale and purchase agreement, on April 17th, 2024, Enel Américas sold its entire equity stake held in Enel Generación Perú's share capital (equal to approximately 20.46%) to Enel Perú.