Enel has said that following the April 2007 contract with Acciona and E.ON and the subsequent supplemental agreements, the parties have finalized the sale of mutually identified Endesa and Enel assets to E.ON.
The Endesa Group assets sold to E.ON include its 100% equity investment in Endesa Europe, including all the assets and the trading activities located in Italy, France, Poland and Turkey, as well as the Spanish thermoelectric power stations in Tarragona and Los Barrios. The parties have agreed not to execute the planned sale of the drawing rights for Endesa-generated nuclear electricity in Spain, to E.ON.
The Enel Group assets sold to E.ON include Enel’s direct and indirect equity investments in Enel Viesgo Generacion, Enel Viesgo Servicios and Electra de Viesgo Distribucion, as well as their subsidiaries; with the exception of the 50% equity investment in Enel Union Fenosa Renovables, which has been already transferred to Enel Investment Holding.
The total value of the transaction that has been finalized amounts to approximately E11.5 billion, including a debt equivalent of about E1.8 billion which has been transferred with the companies that have been sold and net of minority stakes.
The 100% equity investment of Endesa in Endesa Europe has been sold to E.ON for a consideration of E7.12 billion, with an additional E1.15 billion for the balance of the intragroup’s net financial position.
The sale of the Tarragona and Los Barrios thermoelectric power stations has been finalized for a consideration of E769 million. The identified assets of the Enel Group related to Viesgo have been sold to E.ON for a consideration of E702.5 million.
The transaction enables Enel to reduce its consolidated net financial debt by approximately E8.4 billion, including the debt equivalent of about E1.6 billion, attributable to the assets sold.