Enel signed two agreements with Pjsc Lukoil and Gazprom. Closing by the third quarter of 2022
Is in the signed the agreements relating to the sale of the whole participation detained in the share capital of Pjsc Enel Russia. In particular, Is in the has signed two separate agreements, respectively, with Pjsc Lukoil and the Closed Combined Mutual Investment Fund Gazprombank-Frezia for the sale of the entire investment held in Enel Russiaequal to 56.43% of the share capital of the latter, for a total consideration of approximately 137 million of euro that will be paid at closing.
With the completion of the operation, Enel will sell all its electricity generation assets in Russiawhich include approx 5.6 GW of conventional capacity and approx 300 MW of wind capacity in different stages of development, ensuring continuity for its employees and customers.
The transaction is in line with the Group’s strategic objective of concentrate their activities mainly in countries where a integrated position along the value chain it can drive growth and improve value creation by leveraging the opportunities offered by energy transition.
It should be noted that Is in the however, it has already adopted or promoted some measures which led to the termination of the management and coordination of Enel Russia. These measures include: the designation by Enel of only independent directors, of Russian nationality, on the occasion of the recent renewal of the company’s board of directors; the appointment of a new general manager, also of Russian nationality, who reports exclusively to the board of directors; the termination, where possible, of intra-group contracts; the modification of the organizational structure of the Enel Group in order to interrupt the hierarchical reporting of the staff or business functions of Enel Russia compared to those of Enel.
It is expected, Enel emphasizes, “that the overall transaction, including the effect of the loss of control over Enel Russia, will generate a positive effect on the consolidated net financial debt of the Enel Group for approximately 550 million euros and a negative impact on reported Group net income of approximately € 1.3 billion, mainly due to the release of the foreign exchange translation reserve, for approximately € 1.1 billion at May 31, 2022 “.
This accounting effect it will have no impact on ordinary economic resultsthe. The completion of the transaction, expected by the third quarter of this yearis subject to the fulfillment of certain conditions precedent, including the granting of authorization by the Russian Government Commission for the Monitoring of Foreign Investments and the Russian Federal Antimonopoly Service.
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