ENEL Societa per Azioni ADROTCPK - Current
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  • Thu, Jul. 28, 3:23 PM
    • Italian utility giant Enel (OTCPK:ENLAY) is going to push incumbent Telecom Italia (TI -0.3%) in a quest for a new high-speed network for the country, with an agreement to merge its fiber unit with Metroweb Italia.
    • Telecom Italia had been pursuing its own deal for Metroweb in the spring. Italy's average landline Internet speeds are among the lowest in Europe.
    • Metroweb was assigned an enterprise value of €814M (about $903M), and stakes in the combined company will be shared by Enel and state lender Cassa Depositi e Prestiti, which controls Metroweb along with infrastructure fund F2i.
    • Repurposing Enel's power cabinets to create fiber infrastructure will give TI competitors like Vodafone (NASDAQ:VOD) an easier way to provide access to customers who are demanding faster Internet.
    | Thu, Jul. 28, 3:23 PM | 1 Comment
  • Thu, May 5, 3:12 PM
    • Enel (OTCPK:ENLAY -0.7%), Italy's biggest utility, is close to making an offer for control of Metroweb, Reuters reports -- what would be a competing plan to that of Telecom Italia (TI +0.3%) to develop a new high-speed broadband network for the country.
    • In March, reports said that TI was readying its own deal with Metroweb, the fiber network firm considered central to the new network by Italy's reformist government.
    • State lender Cassa Depositi e Prestiti controls Metroweb, along with infrastructure fund F2i. Enel is reportedly looking to buy F2i's 54% stake, and merge Metroweb with Enel Open Fiber, its own unit set up to manage fiber plans. Meanwhile, TI is reportedly in parallel talks to buy Metroweb for cash and in exchange for a stake in Sparkle, its international wholesale unit.
    • Enel is said to be within days of an offer that would value Metroweb around €760M.
    | Thu, May 5, 3:12 PM
  • Sep. 12, 2014, 7:37 AM
    • Italy's Enel (OTCPK:ENLAY) has made a binding offer to buy a 60.6% stake in Chile's Enersis (NYSE:ENI) from its own Spanish unit Endesa (OTC:ELEZF) for €8.3B ($10.7B).
    • The reorganization is aimed at reducing Endesa's Latin American assets, giving Enel more direct control over them as it tries to reduce debts. It could also help raise Enel's net income by around €70M-80M.
    • Following the purchase, Enel proposed that Endesa distribute an extraordinary cash dividend to shareholders equal to the value of the sale.
    | Sep. 12, 2014, 7:37 AM