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HomeLatest NewsEnel completes the sale of 50% of its subsidiary Gridspertise to CVC...

Enel completes the sale of 50% of its subsidiary Gridspertise to CVC for 300 million

Date: January 28, 2023 Time: 10:12:50

Enel, the Italian energy company, has closed the sale of 50% of its subsidiary Gridspertise, which specializes in smart grids and digital transformation, to the British fund CVC for the amount of 300 million euros, as announced by the company. The transaction places the total value of the company at around 625 million euros, a figure that could reach up to 1,000 million through possible deferred payments that are contemplated in the agreement, explains the source.

The company had already announced the sale agreement last October, however, it was still pending to obtain the required administrative authorizations. Now, according to the EFE news agency, both companies, Enel and CVC, will operate Gridspertise jointly.

For its part, Enel explains that Gridspertise works with more than 50 distribution system operators of different sizes and in different geographies, and that this year it has delivered more than 5 million smart devices so far. In addition, the company has inherited a significant intellectual property portfolio of more than 430 patents. The operation is in line with the current Strategic Plan of the Enel Group, which foresees investments made with third parties, including the Group’s ability to monetize its experience and offer services to partners.

“Around the world, governments are intensifying investment programs for the modernization, digitization and resilience of networks, while supporting the development of distributed energy resources and renewable generation at medium and low voltage levels” , explained the CEO of Enel (parent company of the Spanish Endesa), Francesco Starace. And “another objective is to allow customers to easily apply energy efficiency measures in their facilities”, has also added the general director of the Italian company.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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