Romania: FP will sell minority stakes in Enel’s subsidiaries to PPC

, SEE Energy News

Fondul Propriatea plans to sell its minority stakes in the subsidiaries of Enel Romania for 132 million euros, investment fund announced.

The buyer is Greek Public Power Corporation, which reached an agreement to purchase Enel’s subsidiaries in Romania.

The deal between FP and PPC is subject to the closing of the transaction between Enel and PPC.

Fondul Proprietatea holds minority stakes in the energy distribution companies E-Distributie Muntenia, E-Distributie Banat and E-Distributie Dobrogea and the energy supply companies Enel Energie and Enel Energie Muntenia.

At the end of December 2022, Fondul Proprietatea had these stakes were valued at around 120 million euros, which represented about 4.4% of its net asset value.

Italian energy company Enel has signed an agreement with PPC for the sale of all the equity stakes held by the Enel Group in Romania 1.26 billion euros. The closing of the sale, which is expected by the third quarter of 2023, is subject to certain conditions precedent customary for this kind of transactions, including the clearance from competent authorities.

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