Enel SpA (ENEL.MI), Italy's
biggest utility by market value, received 12 expressions of interest for a
majority stake in its local natural gas distribution network in a deal worth
more than EUR1 billion, a person familiar with the matter said Tuesday.
Enel received seven expressions of interest from financial investors and five
from industrial ones, the person said, adding that the 12 are equally split
between Italian and international operators.
Based on the sale of a stake of around 70% in the gas grid Enel Rate Gas SpA,
the company could receive up to EUR900 million in cash, the person said, adding
that it could also lower its debt pile by as much as EUR500 million.
The Rome-based utility reported a net debt of EUR51.4 billion as of Sept. 30
after borrowing billions for a shopping spree in which it bagged a joint
controlling stake in Spain's
Endesa SA (ELE.MC) and Russia's
OAO OGK-5 (OGKE.RS). Earlier this month, Enel said it sold its Italian
high-voltage power lines for EUR1.15 billion to chisel away at it debt pile.