Suciu Popa assists Enel in finalizing the acquisition of a 13.6% share stake of E-Distributie Muntenia and Enel Energie Muntenia
10 April 2017
Suciu Popa advised Enel Investment Holding B.V. in finalizing the acquisition of 13.6% of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A., which increased Enel’s interest in the two companies to 78%.
The acquisition of the additional 13.6% share stake from SAPE SA, for a total consideration of about 400 million euros, is a consequence of the exercise of a put option in November 2012. With the exercise of the put option, SAPE had asked for a price of more than 520 million euros, amount which was contested by Enel. After failing to reach an agreement, in 2014 SAPE began arbitration proceeding before the International Chamber of Commerce in Paris, in which it lodged a claim for over 580 million euros. The Arbitral Tribunal set the purchase price for the equity interests involved in the put option at about 400 million euros, reducing the amount requested by SAPE by more than 100 million euros and dismissing the request for interest.
Throughout this transaction, Enel was assisted by a Suciu Popa legal team coordinated by Miruna Suciu and Luminita Popa (Managing Partners).