Enel has paid $324 million to increase its stake in Chilean subsidiary Enel Américas to 65 percent via two share swap transactions.
Enel entered into the share swap transactions with a financial institution in April to acquire up to 2.7 percent of the share capital of Enel Américas.
The first transaction includes the acquisition of more than 1.4 billion shares of Enel Américas common stock and more than 13 million shares of Enel Américas’ American depositary shares, each representing 50 shares of Enel Américas common stock.
The transaction was funded through internal cash flow generation.
Enel said the transactions are in line with the firm’s goals to increase its stake in its companies operating in South America, buying out minority shareholders.
