Enel SpA (ENEL.MI), Italy's biggest utility that built up its debt after taking over a Spanish rival, Friday said Endesa SA (ELE.MC) agreed to sell an asset that will allow it further reduce its debt burden.
Enel SpA (ENEL.MI), Italy's biggest utility that built up its debt after
taking over a Spanish rival, Friday said Endesa SA (ELE.MC) agreed to sell an
asset that will allow it further reduce its debt burden.
Enel's Endesa agreed to sell the remaining 20% stake in gas transportation and
distribution firm Endesa Gas T&D SL to two funds managed by Goldman Sachs
Group Inc. (GS) for 130 million euros ($174.2 million), said the Spanish
utility. The transaction will take place by the end of the year.
"The EUR130 million from this disposal, once cashed in, will be fully dedicated
to the reduction of Enel net debt," said an Enel spokeswoman.
"The transaction announced today represents a step further to fulfill our
EUR6 billion disposal programme to be completed by the end of 2014," she
added.
Enel turned into
Europe
's most indebted utility after
taking over Endesa in 2007. Since then it has focused on reducing the debt
level.
Thursday, Enel reported net debt at the end of September dropped to EUR43.99
billion from EUR44.52 billion as part of its third-quarter results. Chief
Executive Fulvio Conti said the Rome-based utility expects net debt for the end
of 2013 to be lower than the EUR42 billion it had earlier forecast.
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