By Giulia Petroni

 

Enel SpA said late Thursday that it has agreed to sell 50% of its grid-services unit Gridspertise Srl to private-equity firm CVC Capital Partners Fund VIII for a consideration of around 300 million euros ($293.6 million).

The Rome-based energy company said that the deal values the whole unit at EUR625 million, and that that could increase to EUR1 billion with potential deferred payments. The company said it expects the transaction to have a positive impact on group earnings before interest, taxes, depreciation and amortization of around EUR500 million, as well as a positive effect on net debt of around EUR300 million.

The sale, which is subject to conditions including administrative authorizations, is expected to close at the end of the year, the company said. Following the transaction, Enel and CVC will jointly control the company.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

October 21, 2022 02:18 ET (06:18 GMT)

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