July 5, 2014 / 7:22 PM / in 4 years

Enel appoints advisers for Slovenske Elektrarne sale

MILAN, July 5 (Reuters) - Enel has appointed Deutsche Bank and BNP Paribas to advise on the sale of the Italian power utility’s controlling stake in the Slovakian generating firm Slovenske Elektrarne, an Enel spokeswoman said on Saturday, confirming a report in the Italian newspaper Il Sole 24 Ore.

“We confirm the two banks have been mandated,” she said.

The sale of Slovenske Elektrarne is part of plans by Enel, Europe’s most indebted utility, to sell 4.4 billion euros ($6 billion) of assets to cut net debt to around 37 billion euros by year-end.

A source close to the matter said last month that Enel had received several expressions of interest for the stake. Bankers say the whole company could be worth more than 3 billion euros.

Enel bought its 66 percent holding in Slovenske Elektrarne in 2006 as part of the Slovak government’s privatisation drive, and has invested billions of euros to modernise its facilities. ($1 = 0.7331 Euros) (Reporting by Stephen Jewkes, writing by Danilo Masoni; Editing by Kevin Liffey)

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