Italy's Enel acquires full control of Spanish electrical utility Endesa

Feb 23, 2009 01:00 AM

Italian utility giant Enel has reached a deal to purchase 25 % of Endesa -- Spain's leading electricity company -- from construction group Acciona, bringing its total stake to 92 %.
Enel will pay EUR 11.1 bn ($ 14.2 bn) for Acciona's stake, including $ 8.2 bn in cash and roughly $ 2.9 bn in renewable energy assets that have a capacity to generate 2,104 MW of electricity. As part of the deal, Endesa's board of directors agreed to pay shareholders EUR 6.24 bn in dividends, or EUR 5.9 per share.

According to sources, to cover the cost of the transaction Enel has arranged for EUR 8 bn in financing from a group of banks headed by Spain's Santander and BBVA and Italy's Mediobanca, each of which will provide EUR 1.5 bn.
Enel and Acciona partnered up in 2007 to take control of Endesa, but have been at odds in recent months over how to manage the company.

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