ENEL AND HERA SIGN AN AGREEMENT FOR THE TRANSFER OF THE POWER GRID OF 18 MUNICIPALITIES IN THE PROVINCE OF MODENA

Published on Monday, 13 March 2006

  • Enel transfers 80,000 clients
  • Countervalue of the transaction: 107.5 million euro


Rome, 13 March 2006 – Today, Enel and HERA have signed the preliminary agreement for the transfer of the Enel power distribution grid of 18 Municipalities in the Province of Modena, for a total consideration of 107.5 million euro. This agreement supersedes the previous one subscribed on 18 February 2005.

The business unit of Enel to be transferred comprises over 3,700 kilometres of grid, with 42 operators, which serves about 80,000 clients in the municipalities of Castelnuovo Rangone, Fanano, Fiumalbo, Guiglia, Lama Mocogno, Marano sul Panaro, Montecreto, Montese, Pavullo nel Frignano, Pievepelago, Polinago, Riolunato, San Cesario sul Panaro, Savignano sul Panaro, Sestola, Spilamberto, Vignola and Zocca.

The price was agreed taking into account HERA’s request to acquire the business unit only following its contribution to a company specifically incorporated for that purpose, thus ensuring that the fiscal burden of the transaction essentially weighs upon the purchaser.

The finalisation of the transaction, expected by the end of this year, is subject to approval of the Ministry of Productive Activities, authorisation from the Antitrust Authority, and notification to the trade unions.

Price Sensitive | March, 13 2006

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