ENLAY - Enel to sell Romanian assets to Greek firm in Euro1.9B deal
2023-03-09 07:59:14 ET
Italian utility Enel ( OTCPK:ENLAY ) said Thursday it agreed to sell its Romanian operations to Greek company Public Power Corp. for €1.26B ($1.33B), or ~€1.9B including debt.
Enel ( OTCPK:ENLAY ) said the deal is part of its plan to cut debt and focus on cleaner energy.
The Italian company said it expects the acquisition will generate a cumulative negative effect of €1.4B on its net profit in 2022-23 and a positive effect of €1.7B on net debt.
Enel ( OTCPK:ENLAY ) pays an 8.1% dividend yield and trades at a substantial discount to peers, David Ksir writes in an analysis newly published on Seeking Alpha .
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Enel to sell Romanian assets to Greek firm in €1.9B deal