Media: Enel's Romanian assets to be sold quickly for EUR 1.9 bln

The total value of the three branches that the Italian group Enel is going to sell in Romania (electricity distribution, supply and green power generation) is estimated at a combined EUR 1.8 - 1.9 bln, and the sale is expected to be completed in early 2023 at the latest in April, according to information floated by Bankingnews.gr. It remains unclear whether the figure is the target price circulated by Enel or the price offered by Greece's Public Power Corp (PPC).

PPC, the largest electricity company in Greece, recently admitted that it was "actively exploring" growth opportunities in Greece and southeast European markets and was "screening" potential acquisitions in Romania and Bulgaria. Enel Romania is well known by the head of PPC, who in the period 2016-2019 was the head of Enel Romania, Greek media stresses.

Enel owns six companies in Romania, five resulting from the separation of energy distribution and supply activities within the former Electrica subsidiaries, and one focused on the green energy area – Enel Green Power Romania – where Enel is one of the most powerful investors.

According to unconfirmed rumours, PPC was indicated in October as the buyer of Enel's Romanian assets under a deal valuing the three branches at EUR 1.8 bln.

Apart from PPC, the contenders are the energy funds Brookfield Asset Management (Canada) and Amber Infrastructure (United Kingdom), according to Bankingnews.gr. Goldman Sachs, which assisted the PPC in the EUR 1.3 bln capital increase, is also consulting the Greek company in the process of acquiring the assets of Enel in Romania, according to Greek media.

(Photo source: Enel)