Italy's power grid owner Terna SpA, has signed a €180 million deal to take over operation of the grid from GRTN. A €68 million payment to GTRN will, together with the assumption of €112 million in debts owed to Terna by GRTN, complete the deal. Terna will now assume responsibility for the management of power flow and grid development.
Terna 50% owned by Enel, which has reportedly said it will sell an almost 30% stake to state-backed lender Cassa Deposititi e Prestiti in a deal expected to be signed by mid-March for about €1.3 billion.
Enel, which is prohibited from holding more than 20% of Terna by 2007, sold a 50% stake in Terna for €1.48 billion in an initial public offering last June and plans to sell a further 15% stake to institutional investors.
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