Gridspertise was established to expedite the digital transformation of power grids. Credit: Jerry Zhang on Unsplash.

Italian utility company Enel has concluded the divesture of a 50% stake in its grid services unit Gridspertise to private equity fund CVC Capital Partners Fund VIII for €300m.

The deal was first announced in October this year.

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The agreement also included potential deferred payments, which could bring the enterprise value up to €1bn on a 100% basis.

With the completion of the transaction, Enel and CVC now operate Gridspertise in a joint control regime.

Divesture of the stake in Gridspertise is said to be part of Enel strategic plan, under the stewardship model.

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The strategic plan envisages investments carried out with third parties, with the aim to add new infrastructure and services in order to fast-track the electrification process of customers’ energy demand.

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Enel in a statement said: “The overall transaction generated a positive impact in the Enel Group’s EBITDA of approximately €500m, alongside an expected positive effect on the Group’s consolidated net debt of around €300m.”

Enel established Gridspertise in 2021 to expedite the digital transformation of power grids through advanced network technologies and solutions.

It offers end-to-end cloud-edge platform solutions and services to accelerate the digital transformation of electricity distribution grids.

Earlier this month, Enel Chile divested its 99.09% stake in Chilean power transmission company Enel Transmisión Chile to Sociedad Transmisora Metropolitana (STM), which is controlled by Inversiones Grupo Saesa.

For this acquisition, STM paid an equity consideration of $1.39bn, taking Enel Transmisión Chile’s enterprise value to around $1.57bn. The transaction was also approved by Chile’s antitrust authority, Fiscalía Nacional Económica (FNE).