February 28 was supposed to be the last day of the negotiations between Greek PPC as a buyer and Enel as a seller over the assets held by the latter in Romania, and the two reportedly agreed on a price of EUR 1.3 bln, according to Economica.net.

Of this amount, about EUR 500 mln would be paid by PPC from its own funds, and the company would borrow another EUR 800 mln from banks to finance the transaction.

The Greek media indicate that the negotiations are advancing quickly without however announcing it as already signed. Some sources say that the deadline might be extended by a few days.

Should the deal close, it would be PPC's first transaction for an acquisition outside the borders of Greece.

The sale of the Romanian assets of Enel SpA is progressing "in the right direction", and the transaction should be completed before the end of June, said the general director of the Italian utility group Enel, Francesco Starace, in mid-February.

Enel previously extended the period of exclusive negotiations with PPC until February 28.

iulian@romania-insider.com

(Photo source: Enel Romania)