Enel increases stake in Chilean subsidiary
Italian energy company Enel has increased its stake in its Chilean subsidiary Enel Chile to 64.9 per cent of the company’s share capital, by settling two share swap transactions to acquire up to 3 per cent of the share capital of Enel Chile.
Pursuant to the swap transactions, Enel has acquired 1,502,106,759 shares of Enel Chile common stock, and 11,457,799 Enel Chile American depositary shares, each representing 50 shares of Enel Chile common stock.
The abovementioned securities represent, in the aggregate, 3 per cent of Enel Chile’s share capital.
In accordance with the swap transactions, the total price paid for the shares of Enel Chile common stock and ADSs amounts to approximately $174 million, and was funded through internal cash flow generation.
The abovementioned transactions are in line with the Enel Group’s announced objective to increase its stake in the Group’s companies operating in South America, buying out minorities.
The company was advised on the transactions by three in-house teams from Enel’s legal and corporate affairs department: M&A, led by Madrid-based Joaquin Valcarcel Martinez (pictured) and composed of Alessandro Lomoro and David Bruxel de Vasconcelos; corporate affairs, coordinated by Fabio Bonomo and composed of Davide Giannetti and Roberta Aloe; legal and corporate affairs Chile, led by Domingo Valdes Prieto and composed of Mónica Fernández and Josefa Rodríguez.
