Enel wins final round of Eletropaulo tender offer

Enel S.p.A.’s subsidiary Enel Brasil Investimentos Sudeste, S.A. (“Enel Sudeste”) has improved the terms of its voluntary tender offer (the “Offer”) for the acquisition of the entire share capital of Eletropaulo Metropolitana Eletricidade de São Paulo S.A. (“Eletropaulo”), launched on April 17^th, 2018, by presenting a price per share of 45.22 Brazilian reais.

This price is the highest among those announced in the ongoing competing offer process for Eletropaulo.

In accordance with the Brazilian regulations governing the Offer, such price is the final price at which the shares tendered in the Offer will be allocated to Enel Sudeste at an auction, which will take place on June 4^th, 2018 in São Paulo.

The Offer remains conditioned, amongst other things, upon the acquisition of a total number of shares representing more than 50% of the share capital of Eletropaulo.

Under the terms of the improved Offer and assuming a 100% adherence to the Offer, the overall investment would total up to approximately 7,567 million Brazilian reais, equal to around 1,757 million euros at the current exchange rate. This amount adds to the commitment to subscribe a subsequent capital increase of Eletropaulo for at least 1.5 billion Brazilian reais, equal to approximately 350 million euros at the current exchange rate.

The acquisition of Eletropaulo would add another 7 million customers to the large customer base of Enel in Brazil that would reach 17 million, thereby making Enel the largest operator in the Country and accelerating its growth trajectory in the world’s largest metropolitan areas.

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