ROME (dpa-AFX) - Enel S.p.A. (ENLAY.PK, EN) said that Enel Brasil Investimentos Sudeste, S.A., a company fully owned by Enel's Brazilian subsidiary Enel Brasil S.A., has launched a voluntary tender offer for the acquisition of the entire share capital of Brazilian power distribution company Eletropaulo Metropolitana Eletricidade de São Paulo S.A., for a price per share of 28.0 Brazilian reais and conditioned on the acquisition of a total number of shares representing more than 50% of the company's share capital.
The overall investment under the Offer is expected to total up to 4.7 billion Brazilian reais, equal to 1.1 billion euros at the current exchange rate.
Enel's subsidiary Enel Americas S.A., which is Enel Brasil's controlling shareholder, will provide Enel Sudeste with the necessary financing for this investment. The transaction is in line with the Enel Group's current strategic plan and, if successfully executed, would mark another step forward in strengthening the Group's presence in the Brazilian distribution sector.
The exercise of the voting rights of the shares acquired by Enel Sudeste in the Offer is subject to the approval of the Brazilian antitrust authority and the exercise by Enel Sudeste of control over Eletropaulo is subject to the approval of the Brazilian energy regulator.
Copyright RTT News/dpa-AFX