Putin allowed LUKOIL and the Gazprombank-Freesia fund to buy Enel’s stake in Enel Russia
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President Vladimir Putin order allowed LUKOIL and the Gazprombank-Fresia investment fund to acquire the Italian Enel’s share in Enel Russia. The Gazprombank-Freesia Fund is represented in this transaction by AAA Capital Management. Enel shares rose by more than 24% against the background of this news.
“To allow PJSC Oil Company LUKOIL to make a transaction to acquire 9,525,652,231 ordinary shares of PJSC Enel Russia owned by JSC ENEL S.p.A. (ENEL SpA); JSC AAA Capital Management, acting as trustee of the closed-end combined share investment fund “Gazprombank – Freesia”, transactions for the acquisition of 10,434,826,240 ordinary shares of PJSC Enel Russia owned by JSC ENEL S.p.A. (ENEL SpA),” the document says.
The amount of the transaction for the sale of 56.43% of the shares may amount to €137 million, which, according to Kommersant’s estimates, is about 27% lower than the cost of this package on the Moscow Exchange.
Enel is the largest energy company in Italy and one of the largest in the world. In 2021, Enel’s net profit amounted to €3.2 billion. The group’s business in Russia accounts for no more than 1% of the company’s total business. Net profit of Enel Russia under IFRS in 2021 is 2.6 billion rubles, EBITDA is 7.9 billion rubles.
Enel received energy assets in Russia during the division of UES of Russia. Enel Russia’s portfolio includes three gas-fired power plants (Konakovskaya, Nevinnomysskaya and Sredneuralskaya). The company also launched the Azov wind farm and is building the Kola wind farm.
In August, it became known that the deal was frozen for an indefinite period due to the decree of the President of the Russian Federation, which until December 31 forbade Western investors in the fuel and energy complex and energy to leave Russian business except with special permission.
Read more in the publication “Kommersant” “And you, Enel, I will ask you to stay”.
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