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Italian utility group Enel SpA (BIT:ENEL) said it has raised the stake in its Chile-based subsidiary Enel Americas SA (NYSE:ENIA) to 65%.
The group settled two share swap transactions with an unnamed financial institution, acquiring a little over 1.4 billion shares of Enel Americas common stock and just over 13 million of its American depository shares (ADSs), each representing 50 shares of the subsidiary’s common stock.
To increase the shareholding by 2.7%, Enel paid around USD 324 million (EUR 374m) and funded the transaction through internal cash flow generation, it said.
The move is in line with Enel’s goal to raise its stake in the group’s South America-based companies by buying out minority shareholdings.
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