Enel in deal to buy Acciona stake in Endesa

ROME Fri Feb 20, 2009 6:44pm EST

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ROME Feb 21 (Reuters) - Italian utility giant Enel SpA (ENEI.MI) has agreed to acquire Acciona's (ANA.MC) 25 percent stake in power utility Endesa (ELE.MC) in a deal worth 11.1 billion euros.

In a statement released early on Saturday, Enel said the deal envisioned Acciona getting 2.9 billion euros worth of wind and hydro assets from Endesa. Acciona also stood to get 1.5 billion euros in dividends from Endesa, while Enel would get 4.2 billion euros, it said.

Enel, which will end up with 92.06 percent of Endesa, said it had negotiated 8 billion euros of financing for the deal from a group of banks. (Reporting by Paolo Biondi)

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