February 2, 2012 / 7:11 AM / in 7 years

Enel sells Terna stake for 178 million euros gain

MILAN, Feb 2 (Reuters) - Italian utility Enel said on Thursday it completed the sale of its entire 5.1 percent stake in electricity grid operator Terna at 2.74 euros per share, generating a capital gain of 178 million euros.

The total proceeds of the sale were 281 million euros, Enel said in a statement.

The transaction will be settled on February 7.

The sale raised cash for debt reduction and removed any lingering conflict of interest issues between the electricity provider and the grid operator, a person close to the matter said on Wednesday. (Reporting By Stephen Jewkes)

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