Fondul Proprietatea sells minority stakes in Enel’s Romanian subsidiaries for RON 650 mln

Fondul Proprietatea (FP), an investment fund listed on the Bucharest Stock Exchange and London Stock Exchange that holds minority stakes in large Romanian energy companies, will sell its minority stakes in Italian group Enel’s Romanian subsidiaries for a total of RON 650 million (EUR 132 mln).

The buyer is Greek company Public Power Corporation (PPC), which reached an agreement to buy Enel’s subsidiaries in Romania in March. The deal between Fondul Proprietatea and PPC is subject, among others, to the closing of the transaction between Enel and PPC.

On March 9, Enel announced it signed an agreement with PPC for the sale of all the equity stakes held by the Enel Group in Romania for EUR 1.26 bln.

Fondul Proprietatea holds minority stakes in the energy distribution companies E-Distributie Muntenia, E-Distributie Banat and E-Distributie Dobrogea and the energy supply companies Enel Energie and Enel Energie Muntenia. At the end of December 2022, Fondul Proprietatea had these stakes were valued at RON 590 mln, which represented about 4.35% of its net asset value (NAV) according to the fund’s annual report.

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