Enel divests 50% stake in Gridspertise to CVC for €300m
26 December 2022
Italian utility company Enel has concluded the divesture of a 50% stake in its grid services unit Gridspertise to private equity fund CVC Capital Partners Fund VIII for €300m.
The deal was first announced in October this year.
The agreement also included potential deferred payments, which could bring the enterprise value up to €1bn on a 100% basis.
With the completion of the transaction, Enel and CVC now operate Gridspertise in a joint control regime.
Divesture of the stake in Gridspertise is said to be part of Enel strategic plan, under the stewardship model.
The strategic plan envisages investments carried out with third parties, with the aim to add new infrastructure and services in order to fast-track the electrification process of customers’ energy demand.
Enel in a statement said: “The overall transaction generated a positive impact in the Enel Group’s EBITDA of approximately €500m, alongside an expected positive effect on the Group’s consolidated net debt of around €300m.”
Enel established Gridspertise in 2021 to expedite the digital transformation of power grids through advanced network technologies and solutions.
It offers end-to-end cloud-edge platform solutions and services to accelerate the digital transformation of electricity distribution grids.
Earlier this month, Enel Chile divested its 99.09% stake in Chilean power transmission company Enel Transmisión Chile to Sociedad Transmisora Metropolitana (STM), which is controlled by Inversiones Grupo Saesa.
For this acquisition, STM paid an equity consideration of $1.39bn, taking Enel Transmisión Chile’s enterprise value to around $1.57bn. The transaction was also approved by Chile’s antitrust authority, Fiscalía Nacional Económica (FNE).
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