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Enel sells network stake to F2i, Ardian for 122.4 mln euros-Reuters

(Reuters) – Italian utility Enel said on Friday it had signed a deal with investment fund F2i and private equity firm Ardian to sell its 14.8 percent stake in Enel Rete Gas in a deal valued at 122.4 million euros ($167 million).

As part of the deal, F2i Reti Italia will repay a loan received from Enel in 2009, with the loans expected to total around 177 million euros at the end of 2013.

The transaction, which is expected to be completed by the end of this year, is part of planned asset disposals announced by Enel earlier this year to help cut the company’s debt.