ROME (dpa-AFX) - Enel S.p.A. (ENLAY.PK, EN) announced that its subsidiary Enel Brasil Investimentos Sudeste, or Enel Sudeste, has received confirmation of the successful completion of its voluntary offer for the purchase of the entire share capital of Eletropaulo, as 122,799,289 shares, equal to 73.4% of the capital stock, have been tendered in the offer. The overall investment of Enel Sudeste under the offer totals approximately 1.27 billion euros at current exchange rates, while a subsequent capital increase commitment for additional 343 million euros is provided.
The transaction will be settled, with payment of the price and transfer of the shares, on June 7th, 2018, and the shareholders of Eletropaulo will have until July 4th, 2018 to sell their remaining shares to Enel Sudeste for the same price under the offer.
Through the acquisition of Eletropaulo, Enel becomes the largest distribution operator in Brazil with 17 million customers and a market share of over 20% of the distribution business.
Copyright RTT News/dpa-AFX