ELEQ: International Endesa: Significant Event - Sale of Equity Interest in
UK Regulatory Announcement
In accordance with article 82 of the Securities Market Act, Endesa, S.A.
hereby reports the following
Endesa Generación, S.A. (100%-owned by Endesa, S.A.) has reached an agreement
with Belgium’s Fluxys SA/NV under which it will sell the latter its 12% equity
interest in Medgaz, S.A. Medgaz is the company that operates the underwater
Algeria-Europe gas pipeline which connects Beni Saf with the Almería coast.
The pipeline has initial capacity of 8 bcm/year.
The sale of this investment also entails the transfer to the buyer of the
claim held by Endesa Generación against Medgaz, in the form of a loan
(principal and interest) in the amount of approximately €9.5 million.
The transaction price (which includes the purchase price and the transfer of
the aforementioned loan claim) totals approximately €87.5 million and is
subject to the customary price adjustments.
The transaction is expected to close during the first half of 2013, once all
the consents required to substitute the seller on the guarantees granted in
respect of the Medgaz project financing have been obtained. The impact of the
transaction on Endesa’s consolidated income statement will only be known once
the closing price adjustments have been made and will be disclosed to the
market at that time.
Madrid, 28 December 2012
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