• Enel today transferred its 51% stakes in Deval and Vallenergie to CVA for approximately 40 million euros;
• The transaction, also taking into account bank debt deconsolidation and collection of intercompany receivables, reduces the Enel Group’s consolidated net financial debt by over 90 million euros.
Enel SpA (Enel) and CVA SpA (CVA) today executed the agreement signed on October 24th, 2011, regarding the sale of Enel’s 51% stakes in Deval SpA (Deval) and Vallenergie SpA (Vallenergie) to CVA for a total consideration of around 40 million euros. CVA, a company from the Valle d'Aosta region, already owns the remaining 49% stakes in both companies.
The sale received clearance from the Italian Antitrust Authority.
Overall, the transaction will reduce the consolidated net financial debt of the Enel Group by over 90 million euros, after taking into account the consideration received for the shares, the deconsolidation of the bank debt of Deval, as well as the collection of intercompany receivables.
Deval distributes electricity in the Valle d’Aosta region with a network of approximately 3,900 km, 130,000 end users and 157 employees, while Vallenergie manages the sale of electricity on the local enhanced protection market, and serves about 107,000 customers with 18 employees (as of December 31st, 2010).