By Cristina Roca

Enel SpA has agreed to sell its Chilean electricity transmission business for $1.35 billion, it said Thursday.

The Rome-based energy company's listed Chilean subsidiary agreed to sell its 99.09% stake in Enel Transmision Chile to Sociedad Transmisora Metropolitana SpA and its controlling company Inversiones Grupo Saesa Ltda.--Chile's second-largest electricity distributor by geographic coverage.

The deal implies an enterprise value of $1.53 billion for the business, subject to adjustment.

STM plans to launch a full takeover bid, after which it will repay the business's intercompany loans.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

July 28, 2022 11:53 ET (15:53 GMT)

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