Alongside the transfer, F2i Reti Italia made advance repayment of the loan received from Enel in 2009 for approximately 177 million euros.
Rome, December 20th, 2013 Today, Enel Spa (Enel), Enel Distribuzione SpA (Enel Distribuzione), F2i SGR SpA (F2i), Ardian (Ardian) and F2i Reti Italia Srl (F2i Reti Italia, a company controlled by F2i and Ardian which owns 85.1% of Enel Rete Gas SpA), finalized the agreement signed on December 6th, 2013, by transferring to F2i Reti Italia 2 Srl (F2i Reti Italia 2, also controlled by F2i and Ardian) almost all the residual stake held by Enel Distribuzione in Enel Rete Gas SpA (Enel Rete Gas). Said residual stake is equal to approximately 14.8% of Enel Rete Gas.
The consideration for the sale of the entire residual stake held by Enel Distribuzione in Enel Rete Gas was agreed, within the framework of the agreement, at 122.4 million euros. Pending the expiration of the pre-emption rights of all the other shareholders of Enel Rete Gas (representing a total of about 0.05% of the share capital) and having verified that the conditions precedent to the sale have been met, Enel Distribuzione today completed the transfer to F2i Reti Italia 2 of the proportional interest due to F2i Reti Italia for a consideration of around 122.3 million euros. Once the rights of pre-emption have expired, Enel Distribuzione will sell the remaining shares of Enel Rete Gas to the other shareholders who will have exercised these rights or, if the rights go unexercised, sell them to F2i Reti Italia 2, therefore raising the total expected amount of 122.4 million euros.
Today F2i Reti Italia also made an advance repayment to Enel (before the 2017 maturity date) of the vendor loan received from the latter in 2009 upon the sale of 80% of the share capital of Enel Rete Gas, amounting to approximately 177 million euros (including initial principal and interest accrued but not yet paid).
The transaction falls within the framework of the planned disposals announced by Enel to the market on March 13th, 2013. Such transaction allows Enel to raise around 300 million euros, thereby reducing the Groups consolidated net financial debt by 122.4 million euros (equal to the final consideration for the sale of the equity stake).
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