Delmi To Borrow EUR1.25 Billion From Bank Syndicate To Buy Edipower
May 14 2012 - 12:23PM
Dow Jones News
Italian investment vehicle Delmi will borrow EUR1.25 billion
from a syndicate of nine banks to buy power generator Edipower SpA,
Delmi's controlling shareholder, A2A SpA (A2A.MI), said Monday.
A2A, Italy's biggest municipal utility by market value, said the
amount is "much" higher than originally requested. The money will
be used both to buy Edipower, and repay Edipower-related debt held
by the power generator's current shareholders.
A2A, as a Delmi investor, agreed to take over Edipower as part
of a deal ending its joint control of Edison SpA (EDN.MI) with
Electricite de France SA (EDF.FR). The French company will now have
sole control of Edison, Italy's No. 2 electricity and natural gas
company by capacity.
The financing will be finalized by the end of May, A2A said.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924;
liam.moloney@dowjones.com
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