Enel completes USD-1.5bn offer to buy shares in Enel Americas

Italian utility group Enel SpA (BIT:ENEL) will raise its stake to around 82.3% in Enel Americas SA (NYSE:ENIA) after tabulating the results of the voluntary public offer to acquire shares of the Chile-based subsidiary.

As announced about a month ago, the Enel group launched an offer to buy Enel Americas common stock and American Depositary Shares (ADSs) representing 10% of the subsidiary’s share capital. As a condition to the offer, Enel Americas was to finalise the merger by incorporation of Enel Green Power’s South and Central American renewable energy business on April 1. The Italian parent company said this was completed as planned.

In the context of the voluntary public offer, Enel accepted to purchase roughly 6.9 billion shares of the common stock and some 14.1 million ADSs after applying a proration factor of around 37.7%.

The group will spend CLP 1.065 trillion (USD 1.52bn/EUR 1.26bn) for the share purchase and settle the payment in cash on April 20, it said. The transaction will be funded through Enel’s internally generated cash flows and existing debt capacity.

(CLP 1,000 = USD 1.423/EUR 1.182)

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