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Enel Finalized the Sale of 51% of Deval and Vallenergie to CVA - Enel SpA (Enel) and CVA SpA (CVA) today executed the agreement signed on October 24th
Enel Finalized the Sale of 51% of Deval and Vallenergie to CVA

 

PRZOOM - /newswire/ - Rome, Italy, 2011/11/30 - Enel SpA (Enel) and CVA SpA (CVA) today executed the agreement signed on October 24th. IT0003128367

   
 
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• 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).

 
 
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Agency / Source: Enel Group

 
 

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Enel Finalized the Sale of 51% of Deval and Vallenergie to CVA

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Enel Green Power |
Contact: Enel Group - Enel.com 
+39 06 83055699 ufficiostampa[.]enel.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Enel Group securities in any jurisdiction including any other companies listed or named in this release.

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