Turin/Rome, November 30, 2005 After receiving authorization from the antitrust authorities, Enel sold today to Fiat 49% of the capital stock of Leasys S.p.A. for a consideration of 33.5 million euros, determined on the basis of the criteria set forth in the agreement signed between the parties on September 30, 2005.
The company was established in September 2001 as a joint venture between Fiat and Enel. With revenues of 388 million euros reported in 2004, Leasys is market leader in Italy for long-term vehicle rental, with a fleet of over 86,000 vehicles.
Following the completion of the transaction, Fiat owns 100% of the capital stock of Leasys through its subsidiary Fidis Renting Italia S.p.A.
The transaction is in line with Fiats target to strengthen its position in the market of long-term rentals in Italy, and with Enels objective to focus on its energy core business.
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