Niagara Energy concludes $1.36bn takeover of Enel Distribución Perú
Niagara Energy, an Actis-controlled company, has successfully concluded the $1.36bn acquisition of Enel‘s distribution and supply company, Enel Distribución Perú.
The transaction grants Niagara a 92.35% stake in the power-generating subsidiary of the Italian utility Enel.
The acquisition involved Niagara purchasing approximately 2.9 billion shares at $0.47 each.
Enel Distribución revealed the deal in a statement to Peru’s market regulator.
It aligns with the company’s strategic growth objectives in Brazil, Chile, Columbia, Italy, Spain and the US.
In November 2023, agreements were made for Enel Americas and Enel Peru SAC to divest their shares in two Peruvian power generation firms to Niagara Energy.
The transaction will reduce the Enel Group’s consolidated net debt by €1.6bn ($1.75bn) and positively impact reported net income for 2024 by approximately €60m.
In March 2024, Niagara Energy initiated an offer to acquire all outstanding shares of Enel Distribución Perú contingent upon acquiring at least 87% of the shares. The offer remained open for 20 days.
Peru’s antitrust authority has previously approved the sale of Enel Distribución Perú, and Enel X Peru, an advanced energy services provider, to China’s Southern Power Grid International.
That deal, announced in April 2023, was valued at $2.9bn and included Enel Perú’s 83.15% stake in Enel Distribución Perú and its entire stake in Enel X Perú.