Italian group Enel’s sale process of its operations in Romania and Slovakia is close to completion, the group’s CEO Francesco Starace said on Thursday.

“The asset sale is in an advanced stage. There is a number of potential buyers and we will receive the binding offers for each country by the end of November,” Starace said during an official hearing in the Italian Parliament, according to Mediafax.

He added that Enel’s sale of its assets in Romania and Slovakia is not a no confidence vote for the two countries, but that the units in the two countries were the easiest to identify and to liquidate in the group’s attempt to reduce its debt level. Enel is the most indebted of all the utilities companies in Europe. The group aims to sell EUR 4 billion worth of assets by the end of this year.

Enel holds a third of the electricity distribution market in Romania, via three companies, Enel Distributie Dobrogea, Enel Distributie Banat and Enel Distributie Dobrogea, in which it holds majority stakes. The Romanian state and Romanian investment fund Fondul Proprietatea are minority shareholders in these companies.

Enel also owns two electricity supply companies, Enel Energie Muntenia and Enel Energie, and a service company, Enel Romania. Enel’s companies in Romania had consolidated revenues of EUR 1.12 billion and an operating profit (EBITDA) of EUR 289 million.

Romanian state-owned companies Electrica and Nuclearelectrica are interested in buying some of Enel's assets in Romania. French GDF Suez, German E.On and State Grid Corporation of China have also extressed interest for Enel's local operations.

editor@romania-insider.com