ENEL appoints advisors to sell businesses in Romania and Slovakia

Enel has appointed Deutsche Bank and BNP Paribas to advise on the sale of its controlling stake in the Slovakian generating firm Slovenske Elektrarne.

The sale of Slovenske Elektrarne is part of plans by Enel, Europe's most indebted utility, to sell 4.4 billion euros ($6 billion) of assets for debt reduction from €41.5 billion to €37 billion. Ener needs to cut its debt to maintain its credit rating.

According to sources, Enel has already received several expressions of interest for the stake. The deal could be worth more than €3 billion.

Enel bought its 66 % holding in Slovenske Elektrarne in 2006 as part of the Slovak government's privatisation drive.

Enel is also considering selling energy assets in Romania. The firm could sell the majority packages in distribution companies of Muntenia, Banat and Dobrogea, and in supply and energy services companies.

According to Enel, the sale could include 64.4% of Enel Distribution Muntenia and Enel Energie Muntenia, 51% of Enel Distribution Banat, Enel Distribution Dobrogea and Enel Energie, and 100% of the service company Enel Romania.

The power grid managed by Enel group companies on the domestic market totals about 91,000 km, distributing annually about 14 TWh of electricity (34% market share) and selling about 9 TWh per year to about 2.6 million customers, of which 2.4 million clients are households (20% market share) and 0.2 million are companies (market share 38%).

In 2013, Enel's revenue in romania amounted to approximately €1.12 billion and made an EBITDA of €289 million (consolidated numbers).

Citigroup and UniCredit have been appointed as financial advisors for the sale process in Romania.