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    ENEL   IT0003128367

ENEL S.P.A.

(ENEL)
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Macquarie puts in offer for Enel's Open Fiber stake

09/17/2020 | 03:34pm EDT
FILE PHOTO: A logo of Italian multinational energy company Enel is seen in Milan

Enel has received a bid from Macquarie for its stake in Open Fiber valuing the group at more than 7 billion euros ($8.3 billion), signaling strong interest from big funds for Rome's plans for a national broadband network.

Enel said on Thursday Macquarie Infrastructure & Real Assets had made a binding bid for its 50% stake in Open Fiber that was worth 2.65 billion euros, excluding debt, adding there were also adjustment and earn out mechanisms.

The state-controlled utility gave no further details, but said its board would await updates after talks with Macquarie on Open Fiber, which is also 50% owned by state lender Cassa Depositi e Prestiti (CDP).

The Italian government is trying to broker a deal between former phone monopoly Telecom Italia (TIM) and its smaller rival to create a full-fibre network to close a digital divide with Europe, avoiding a duplication of investments.

Last month, it set out a road map to try to overcome the deadlock between TIM and Open Fiber and create a high-speed network open to all operators and acceptable to regulators.

Under that plan, CDP would become an influential shareholder with vetting powers on strategic issues in the new network company which would be a candidate for grants from Europe's Recovery Fund.

On Wednesday, sources said Rome welcomed Macquarie's bid as long as it fit with its broader plans to create a broadband champion.

The Italian government told Macquarie it wanted the fund to buy less than 50% of Open Fiber so that CDP, which has a right of first refusal on any Enel stake sale, could take control, the sources said.

The Macquarie bid, which sources said targeted a stake in Open Fiber of 35-50%, follows a similar move by KKR.

The U.S private equity investor secured a minority stake in Fibercop, a new company into which TIM plans to fold its last-mile copper and fiber network grid.

Under the government plan, Fibercop would be merged with Open Fiber to create a company dubbed AccessCo.

Including debt of around 2 billion euros, Macquarie's bid for the Enel stake values the whole of Open Fiber at about 7.3 billion euros.

By Stephen Jewkes and Elvira Pollina


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. 1.17% 8.05 Delayed Quote.-2.73%
KKR & CO. INC. 1.17% 61.42 Delayed Quote.51.69%
MACQUARIE GROUP LIMITED 0.15% 157.7 End-of-day quote.13.88%
MACQUARIE INFRASTRUCTURE CORPORATION 0.10% 39.15 Delayed Quote.4.26%
TELECOM ITALIA S.P.A. -0.77% 0.3717 Delayed Quote.-1.51%
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Financials
Sales 2021 75 157 M 88 444 M 88 444 M
Net income 2021 5 564 M 6 547 M 6 547 M
Net Debt 2021 49 703 M 58 491 M 58 491 M
P/E ratio 2021 14,7x
Yield 2021 4,72%
Capitalization 81 812 M 96 239 M 96 277 M
EV / Sales 2021 1,75x
EV / Sales 2022 1,75x
Nbr of Employees 66 438
Free-Float 76,4%
Chart ENEL S.P.A.
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Enel S.p.A. Technical Analysis Chart | ENEL | IT0003128367 | MarketScreener
Technical analysis trends ENEL S.P.A.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 8,05 €
Average target price 9,37 €
Spread / Average Target 16,3%
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Managers and Directors
Francesco Starace Chief Executive Officer, Director & GM
Alberto de Paoli Chief Financial Officer & Head-Administration
Michele Alberto Fabiano Crisostomo Chairman
Anna Chiara Svelto Independent Director
Cesare Calari Independent Director
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