The recently sealed deal whereby Greece’s largest energy company, Public Power Corporation (PPC), takes over the Romanian electricity production, supply and distribution assets of the Italian group Enel, as well as the local advanced energy services division Enel X, leaves the on the outside a Romanian energy trader controlled by Italians, that reached, according to own statements, the verge of insolvency, due to the overtaxation imposed by the state in the field, reveals the data analyzed by Profit.ro.
The trading company, which was not included in the deal with PPC, finished 2021 with losses of 3.8 million lei, on total revenues of 8.8 million lei.
Enel has signed with Greek company Public Power Corporation S.A. (PPC) the agreement for the sale of all the equity stakes held in Romania. The agreement provides that PPC will pay a total consideration of approximately 1.26 billion euro, equivalent to an enterprise value of about 1.9 billion euros (on a 100% basis). In addition, the total consideration is subject to adjustments customary for these kinds of transactions as well as to an earn-out mechanism for a potential additional payment based on the future value of the retail business.