(Finance) – Enel X International, a wholly owned subsidiary of Enel X, has finalized the agreement with a holding company controlled by Sixth Cinven Fund and with a holding company controlled by Seventh Cinven Fund – both funds managed by the international private equity company Cinven – through which indirectly acquired, through a holding company, approximately 79% of the share capital of Ufinet Latam from Sixth Cinven Fund and at the same time sold 80.5% of the Company’s share capital to Seventh Cinven Fund. Consequently, Enel X International now holds an indirect participation of 19.5% in the capital of Ufinet, renewing the partnership in the Company with Cinven.
In particular – we read in a note by It is in the – Enel X International, which previously held approximately 21% of the share capital indirectly of the Company, exercised the call option to purchase approximately 79% of the capital of Ufinet for a consideration of 1,320 million euros. At the same time, Enel X International received approximately € 207 million by way of distribution of Ufinet’s available reserves and, at the same time, sold 80.5% of the Company’s capital to Seventh Cinven Fund for a consideration of approximately € 1,186 million. EUR.
Under this agreement, in addition to the indirect participation of 19.5% in the capital of Ufinet, Enel X International maintains a representation on the boards of directors of the latter and its holding company, retaining standard rights as a minority shareholder. In addition, the Seventh Cinven Fund may sell its holding with a drag along right over that of Enel X International, while the latter has a “tag along” right in the event that the Seventh Cinven Fund sells its holding.
Loperation, which is in line with the Enel Group’s 2022-24 Strategic Plangenerates a positive net cash flow estimated at around 70 million euros and a positive impact on operating results estimated at around 220 million euros.