Enel S.p.A. (“Enel”) informs that it has closed, through Enel Grids S.r.l. (“Enel Grids”), the sale of a 50% quota in its wholly-owned subsidiary Gridspertise S.r.l. (“Gridspertise” or the “Company”) to the international private equity fund CVC Capital Partners Fund VIII (“CVC”), following the fulfillment of all conditions set forth in the agreement signed on October 18th, 2022.
In line with the above agreement, CVC paid a total consideration of approximately 300 million euros, equivalent to an enterprise value of 625 million euros (on a 100% basis). In addition, the agreement includes potential deferred payments that could bring the enterprise value up to 1,000 million euros (on a 100% basis).
The overall transaction generated a positive impact in the Enel Group’s EBITDA of approximately 500 million euros, alongside an expected positive effect on the Group’s consolidated net debt of around 300 million euros.
Following the transaction, Enel and CVC operate the Company in a joint control regime.
The transaction is in line with the Enel Group’s current Strategic Plan, under the Stewardship model, which envisages investments carried out with third parties, with the aim to add new infrastructure and services in order to accelerate the electrification process of customers’ energy demand.
Gridspertise was born in 2021 leveraging on Enel’s over 20 years of experience in developing, testing, and scaling up the best technologies to operate smart grids all over the world. The Company has inherited a significant intellectual property portfolio of over 430 patents and combines its expertise in grid digitalization with cutting-edge solutions from leading technology partners to tackle the evolving needs of the market. Today Gridspertise works with more than 50 Distribution System Operators of different sizes and in different geographies and this year has delivered over 5 million intelligent devices so far.
The Company is headquartered in Italy with offices in Spain, Brazil, India and the United States. Target markets include Europe, Latin America and North America, and are expanding towards Asia-Pacific and Africa, where the investment in smart grids will drive infrastructure upgrade projects in the near future.