EDISON CLOSES THE SALE TO TERNA OF ITS HIGH VOLTAGE GRID
Total consideration of the operation: more than 320 million euros
Net gain of about 100 million euros in Edison’s consolidated financial statements
Milan, November 24, 2006 – Edison Spa closed today the sale to RTL Spa, a fully owned subsidiary of Terna Spa, of 100% of Edison Rete Spa, after the operation was cleared by relevant Antitrust Authority.
The price paid by RTL was approximately 294 million euros, corresponding to an enterprise value of Edison Rete of 311 million euros. Within 90 days, Edison will also transfer to Edison Rete some instrumental assets for approximately 10.5 million euros. Total consideration of the operation for Edison is therefore more than 320 million euros.
The operation generated a net gain of about 100 million euros in Edison’s consolidated financial statements and a positive effect of approx. 320 million euros on the consolidated net financial position.
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