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EGP Merger With Enel Given Green Light

Tuesday, Jan 12 2016

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Italy’s largest utility, Enel has repurchased renewable energy developer, EGP, following the approval of the non-proportional spin-off at an extraordinary shareholders meeting. A total of $3.3 billion in shares was issued. For each EGP share, investors will receive 0.486 Enel Group shares under the deal. Previously, Enel owned a 70 percent stake in EGP, having sold a 30 percent share in 2010 for around $2.41 billion. Following the closing of the transaction, expected by the end of Q1 2016, EGP and its foreign subsidiaries will become fully owned subsidiaries of Enel Group, and EGP will be delisted.