MYTILINEOS HOLDINGS S.A. acquires full control of ENDESA Hellas

από | 17/03/2010 | ESG/Sustainability

Further to the announcement of 18.06.2009 regarding the Group’s intentions regarding the future of ENDESA HELLAS, the Management of MYTILINEOS HOLDINGS S.A. informs the investing public that after relevant negotiations, the Company and ENDESA S.A. have reached an agreement for the acquisition of 50.01% of the share capital held by ENDESA S.A. in the joint company ENDESA HELLAS PRODUCTION AND TRADE OF ELECTRICAL POWER S.A.

The total price to be paid by MYTILINEOS HOLDINGS S.A. for the acquisition of 50.01% of ENDESA HELLAS amounts to EUR 140 million, and will be paid in instalments scheduled until July 1, 2012.

At the same time, ENDESA S.A. will acquire one wind park and three hydropower plants with a total installed power generation capacity of around 14 MW, which belong to the ENDESA HELLAS portfolio, for a price of EUR 20 million. Upon completion of the above procedure, MYTILINEOS HOLDINGS S.A. will become the sole shareholder of ENDESA HELLAS, with 100% of the company’s share capital in its possession.

This development is a further step towards the creation of the largest independent electrical power producer in Greece establishing a portfolio of 1.2 GW of installed capacity from thermal plants in operation by 2011 and over 800 MW RES in different stages of development.

Completion of the transaction is subject to the necessary approvals from the competent regulatory
authorities.