Enel closes Gridspertise sale with positive impact on earnings, debt

MILAN, Dec 22 (Reuters) – Italy’s biggest utility Enel (ENEI.MI) said on Thursday it had finalised the sale of a 50% stake in its grid services unit Gridspertise, with positive effects both on its core earnings and its net debt.

The deal generated a positive impact on Enel’s earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately 500 million euros ($529 million), alongside an expected positive effect on the group’s net debt of around 300 million euros, the utility said in a statement.

Enel announced the sale of Gridspertise to private equity CVC in October for around 300 million euros, equal to an enterprise value of 625 million euros, that could reach up to 1 billion euros through potential deferred payments.

The Italian utility is currently working on an asset sale plan to aimed at cutting its net debt to 50 billion-52 billion euros by the end of next year from nearly 70 billion euros at the end of September.

($1 = 0.9449 euros)

Reporting by Francesca Landini
Editing by Keith Weir

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