Enel sells Romanian operations to PPC for EUR 1.26 bln

Enel signed an agreement to sell its entire business in Romania to Public Power Corp. for EUR 1.26 billion. The Greek are also taking over EUR 300 million in debt while minority interests are valued at EUR 350 million.

The takeover is expected to close “by the third quarter” pending regulatory approval, the two companies said. Enel announced a month ago that the acquisition should be done by the end of June. The final sum could be bigger due to potential additional payment based on the future value uplift for the supply business.

Enel is the second-largest company in power distribution in Romania, with its three majority-owned power distribution firms controlling 35 percent of the market: E-distribuție Muntenia, E-distribuție Banat and E-distribuție Dobrogea.