Merger of EGP Américas with Enel Américas

Merger of EGP Américas’ non-conventional renewable generation assets in South and Central America into Enel Américas. 

On 18^th December 2020, Enel Américas’ Extraordinary Shareholder’s Meeting approved the merger of EGP Américas within Enel Américas.

The merger, that was treated as a related party transaction under Chilean Law, entailed the integration of ENEL’s renewable portfolio in South and Central America (“EGP Américas”) into ENEL Americas. In particular:

• Enel Américas (65% ENEL), listed on the Chilean Stock Exchange and the New York Stock Exchange (market cap. of c. USD12bn), is Latin America’s largest privately-owned power utility company with an installed capacity of 11.3GW and 27 million clients through Argentina, Brazil, Colombia and Peru.
• EGP Américas (100% ENEL) is the largest energy renewable platform in LatAm with 5.5 GW in operation/execution, 2.4 GW in advanced development stage and 22.1 GW of pipeline. At the approved merger exchange ratio, EGP America is being valued c. USD5bn.

In the context of the Transaction, Enel S.p.A. will launch a partial tender offer over 10% of Enel Américas at a price of 140 CLP per share with a total cash-out for ENEL of c. €1.2bn.

The transaction represents a key milestone for ENEL in its reorganization as it further rationalizes the corporate structure of the Group in Latin America while providing more flexibility in the governance of Enel Americas.

Mediobanca acted as sole financial advisor of Enel and Enel Green Power during the design, structuring and execution of the entire process.

This transaction further demonstrates Mediobanca’s strong relationship with ENEL and reinforces its track record with the client in Latin America with 5 deals executed in the last 5 years.