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Enel jettisoning Romanian operations: Reuters
Posted on Friday, 06 September 2019 12:45
Italian energy player Enel has launched a planned sale of its operations in Romania, according to Reuters.
Citing sources, the news provider said BNP Paribas is managing the divestment process, which could result in a deal worth around EUR 1.00 billion.
One person in the know said it is not yet clear whether the Romanian business will be offloaded wholly or in part as this will depend on the acquirors.
According to Reuters, Enel is planning to resurrect plans to exit the country, having previously called off the process back in 2015.
Back in July 2014, the company announced the planned divestment of its sales assets in Romania, as well as its generation activities in Slovakia, as part of a programme implemented to strengthen its financial structure.
Among those named in connection with bids for the operations were State Grid Corporation of China, Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom and Societatea Nationala Nuclearelectrica.
Neither Enel nor BNP Paribas have commented on the latest Reuters report on the matter.
Enel currently serves 2.80 million customers in Romania, where it employs more than 3,100 people and has had an active presence since 2005.
It claims to be the country’s largest private investor in energy, with operations in the power distribution and supply segments, as well as in renewable energy production.
Should a deal go ahead at the reported value of EUR 1.00 billion, it would be the second-largest transaction on record targeting a Romanian utilities company, according to Zephyr, the M&A database published by Bureau van Dijk.
The most valuable to date is worth EUR 1.10 billion and took the form of an acquisition as Czech Republic-headquartered CEZ picked up the Fantanele and Cogealac wind farms from Continental Wind Partners in August 2008.
This is currently followed by a EUR 425.00 million private placing of stock by Electrica Muntenia, in which it sold new shares to Enel in June 2008.
© Zephus Ltd