Enel/Enel Green Power €3.7 billion merger

Overview:

• Italian utility company Enel is set to merge with renewable energy subsidiary Enel Green Power (EGP).
• The deal will see a partial non-proportional spin-off of EGP, which will be delisted and merged with Enel.
• EGP shareholders will receive newly issued Enel shares at an exchange ratio of 0.486 Enel shares for each EGP share
• The deal represents the first spin-off of an Italian listed company that results in the owner holding the whole share capital of the spin-off.

Sam Duke - Editor