The completion of Electrica Muntenia Sud’s (EMS) privatization process was reached after fulfilment of all conditions and activities envisaged by the privatisation agreement signed in June 2007, between Enel and Electrica.
The total value of the transaction amounts to about E820 million. In April 2008, Enel acquired directly from Electrica 50% of EMS’s share capital for a consideration of E395 million euros, and subscribed a capital increase of E425 million.
Fulvio Conti, Enel’s CEO, said: The completion of Muntenia Sud privatization represents not only a major step forward for our operations in Romania, achieving a twofold increase, but also a key milestone in the liberalization of the Romanian electricity sector. We intend to pursue an ambitious investment plan for Muntenia Sud, amounting to E1 billion for the next 15 years, to increase the quality of services and upgrade the electricity network to the benefit of our customers.
