- Contracts finalized for the sale of 50% of Open Fiber, of which 40% to Macquarie Asset Management for a consideration of 2,120 million euros and 10% to CDP Equity for a consideration of 530 million euros
- The closing of the transaction is expected in the last quarter of 2021
Rome, August 5th, 2021 - Enel S.p.A. ("Enel") informs, following the announcement in the previous press releases of December 17th, 2020 and April 30th, 2021, that the contracts relating to the sale of its entire stake held in Open Fiber S.p.A. (“Open Fiber”) have been signed late yesterday evening. The above stake is equal to 50% of Open Fiber’s share capital.
Specifically, the contract relating to the sale of 40% of the share capital of Open Fiber to Macquarie Asset Management involves a consideration of 2,120 million euros and includes the transfer of 80% of the Enel portion of the shareholders' loan granted to Open Fiber, including accrued interest. In line with what has already been announced to the market, the contract envisages that the above consideration will be increased at a rate of 9% per year calculated from July 1st, 2021 and up to the closing of the transaction.
The contract relating to the sale of 10% of Open Fiber share capital to CDP Equity S.p.A. ("CDPE"), in turn, involves a consideration of 530 million euros and includes the transfer to CDPE of 20% of the Enel portion of the shareholders' loan granted to Open Fiber, including accrued interest.
The aforementioned contracts also include the recognition of the earn-outs in favor of Enel, linked to future and uncertain events, described in the press releases of December 17th, 2020 and April 30th, 2021.
The closing of the sale to Macquarie Asset Management and CDPE of the entire stake held by Enel in Open Fiber, expected in the last quarter of 2021, is subject to a series of conditions, including:
- the obtaining, by Open Fiber’s lending banks, of the waivers required for the transfer to Macquarie Asset Management of Enel’s 40% stake in Open Fiber;
- the achievement of various administrative authorizations needed for the transfer to Macquarie Asset Management and CDPE of Enel’s entire stake in Open Fiber, specifically relating to the golden power procedure with the Presidency of Italy’s Council of Ministers and to the clearance to be issued by the EU’s Antitrust Authority.
For the dissemination to the public and the storage of regulated information made available to the public, Enel S.p.A. has decided to use respectively the platforms “eMarket SDIR” and “eMarket Storage”, both available at the address www.emarketstorage.com and managed by Spafid Connect S.p.A. with registered office in Milan, at Foro Buonaparte, 10. The aforementioned services are authorized by Consob (resolution No.19878 of February 15th, 2017, related to the mechanism for the dissemination to the public of regulated information “eMarket SDIR” and resolution No. 19879 of February 15th, 2017, related to the mechanism for the central storage of regulated information “eMarket Storage”).
From May 19th 2014 to June 30th 2015, Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated “1Info”, available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by Consob with resolution No. 18852 of April 9th, 2014.