Enel has agreed to sell its entire stake (99.09%) in the listed Chilean power transmission company Enel Transmisión Chile to Sociedad Transmisora Metropolitana (STM) and its parent company Inversiones Grupo Saesa, for a US$1.34bn equity consideration. The sale will be carried out through a full takeover bid STM has committed to launch following approval from Chilean antitrust authority Fiscalía Nacional Económica (FNE) and is subject to certain conditions precedent customary for these kinds of transactions.
Enel Transmisión Chile operates 683km of transmission lines and manages 60 substations in Santiago de Chile’s metropolitan area. Out of those, 57 are owned by Enel Transmisión Chile while the other three are owned by third parties. Inversiones Grupo Saesa, which is the second largest electricity distributor in Chile in terms of geographic coverage, operates 63,476 km of distribution lines, 2,280 km of transmission lines and 75 substations in the country. In addition, it owns 275 MW of wind, hydropower and diesel generation capacity.