LIMA (Reuters) -Niagara Energy has wrapped up a $1.36 billion share purchase in Enel Generacion Peru, which will give the firm majority control over the local subsidiary of Italian utility Enel.
Niagara, controlled by investment firm Actis, is buying around 2.9 billion shares for 47 cents apiece, giving it a 92.35% stake in Enel’s power-generating unit in the country, Enel Generacion said in a statement to Peru’s market regulator.
Enel in November had announced the sale, arguing it was in line with its growth plans in countries such as Italy, Spain, the U.S., Brazil, Chile and Colombia.
Earlier this year, Peru’s antitrust regulator approved the sale of Enel’s Distribucion Peru and Enel X Peru units to China’s Southern Power Grid International, a transaction it announced last year for some $2.9 billion.
The formal closing of the deal and the settlement of the shares will take place in the coming days, according to the prospectus of the company’s takeover bid.
(Reporting by Marco Aquino; Editing by Brendan O’Boyle and Lisa Shumaker)
