Enel has signed an agreement with F2i and Axa Private Equity to sell 80% of its subsidiaty Enel Rete Gas for €480m. Enel Rete Gas is a 99.88% owned subsidiary of Enel Distribuzione and has a market share in the Italian's gas distribution of about 12%. Conclusion of the agreement is subject to approval by the Antitrust Authority, to approval by the Regulatory Authority for Electricity and Gas of the Distribution and Metering Tariffs for 2009 and to the signing of a financing agreement between Enel Rete Gas and a pool of banks. Completion of the transaction is envisaged for the summer of 2009. Enel Distribuzione will have a call option on the 80% of the share capital of Enel Rete Gas between 2014 and 2018, at a strike price that takes into account the fair market value of the stake. At the end of the lock up period, parts will assess the opportunity to float the Enel Rete Gas’ shares on the Stock Exchange.