EPH to Acquire Enel's Stake in Slovak Energy Utility
(Reuters) - Czech billionaire Daniel Kretinsky's energy holding company EPH has signed a deal to acquire Italian group Enel's stake in Slovak electricity producer Slovenske Elektrarne, the companies said late on Wednesday.
EPH will buy Enel's 50% stake in their joint holding company, which owns 66% of Slovenske Elektrarne, Slovakia's main energy utility, in which the state owns the other 34%.
The deal, expected to close in the first half of 2025, formalises the option EPH had to acquire the stake, EPH said.
Slovenske Elektrarne, which operates nuclear, hydro and solar power plants, put one new nuclear power unit into operation last year and is completing a second. It generated 21.66 TWh of electricity in 2023.
"Slovenske Elektrarne perfectly complement EPH's generation portfolio, being a zero-emission electricity producer," EPH board member Jan Springl said in a statement.
EPH will guarantee the repayment of credit facilities totalling up to 970 million euros ($1.01 billion), provided by the Enel Group to Slovenske Elektrarne under the deal, the companies said.
The transaction will have a neutral effect on Enel's net debt and a negative impact on reported net profit of approximately 585 million euros, Enel said, adding that it will have no impact on the group's ordinary economic results.
Kretinsky has built EPH into one of Europe's biggest energy groups, first by investing in coal power plants before taking on greener energy assets.
He has also branched into other investments in retail, media and logistics, this week winning clearance to buy Britain's Royal Mail in a 3.57 billion pound ($4.5 billion) deal.
($1 = 0.7935 pounds)
($1 = 0.9622 euros)
(Reporting by Jason Hovet in Prague; Editing by David Goodman)
