WSJ: Enel Sells $3.91 Billion Endesa Stake

Italy’s Enel SpA has raised €3.13 billion ($3.91 billion) from the sale of a large stake in its Spanish power utility Endesa SA to institutional and retail investors.

Enel priced Endesa’s shares in the sale at €13.5 each, Endesa said in a regulatory filing on Friday, representing a slight discount to Thursday’s closing price of €13.71.

The Italian utility, which is aiming to raise €4.4 billion this year to help reduce its nearly €40 billion in net debt, has unloaded a 21.92% tranche of Endesa stock. The shares include an overallotment option granted to its advisers before the start of the sale process. Before the sale, Enel had a 92% stake in the Madrid-listed company.

The sale comes weeks after Enel took over Endesa’s Latin American unit and Endesa distributed an unusually large €14.6 billion ($18.2 billion) dividend that was largely to the benefit of the Italian utility.
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