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Italian utility Enel has raised €3.13 billion ($3.91 billion) from the sale of a large stake in its Spanish power utility Endesa to institutional and retail investors.
Enel priced Endesa's shares in the sale at €13.5 each, Endesa said in a regulatory filing on Friday, representing a slight discount to Thursday's closing price of €13.71.
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The Italian utility has unloaded a 21.92 per cent tranche of Endesa stock, including an over-allotment option granted to its advisers before the start of the sale process. Before the sale, Enel had a 92 per cent stake in the Madrid-listed company.
The sale comes weeks after Enel took over Endesa’s Latin American unit and Endesa distributed a €14.6 billion ($18.2 billion) dividend that was largely to the benefit of the Italian utility.
Enel took over Endesa in 2007 just before Spain plunged into a deep economic slump after a multiyear bidding battle with Germany’s E.On AG.