Enel Generación Peru A : Otros Hechos De Importancia

18/11/22, 10:28

Enel Is Said to Consider $5 Billion Peru Sale to Cut Debt - Bloomberg

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Enel Weighs $5 Billion Peru Operations Sale to Cut Debt

Italian utility exploring asset sales outside home market Enel has cut 2022 proft target in wake of energy crisis

By Dinesh Nair, Tommaso Ebhardt, and Alberto Brambilla

18 de noviembre de 2022, 8:18 GMT-5 Updated on 18 de noviembre de 2022, 8:35 GMT-5

Enel SpA is weighing a sale of its operations in Peru as it seeks ways to cut debt and fund new investments, according to people familiar with the matter.

Italy's largest utility is working with advisers on the potential disposal, which could be valued at about $5 billion, the people said. The asset has drawn preliminary interest from strategic suitors and investment funds, one of the people said.

Shares in Enel rose as much as 3.1% on Friday. The stock was up 2.7% at 2:29 p.m. in Milan, giving the company a market value of €52.2 billion ($54.2 billion).

Enel, which recently cut its proft target for 2022 in the wake of the global energy crisis, is exploring asset sales outside Italy in a bid to reduce its debt pile and fnance new investments, Bloomberg News reported earlier this month.

Mounting Debt

Enel's debt almost doubled since CEO Starace took over in 2014

€70b

60

50

40

30

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*

Source: Enel

* Figure for 2022 refers to the end of September

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18/11/22, 10:28

Enel Is Said to Consider $5 Billion Peru Sale to Cut Debt - Bloomberg

Enel's earnings before interest, taxes, depreciation and amortization in Peru were €465 million in the frst nine months of the year, less than 4% of the group's roughly €12.4 billion total, according to its results for the period.

The intention to sell the Peru business is expected to be announced by Enel Chief Executive Ofcer Francesco Starace when he presents the company's 2023-2025 business plan on Nov. 22, one of the people said.

Deliberations are ongoing and there's no certainty they'll result in a transaction, the people said, asking not to be identifed discussing confdential information. A representative for Enel declined to comment.

Enel has already announced disposals with an expected impact on net debt of around €4 billion by year-end. These include the sale of the entire stake in its Russian unit, as well as assets in Brazil and Chile.

(Adds shares in third paragraph.)

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