Italian energy company Enel SpA says its Spanish subsidiary Endesa is selling its gas transport and distribution network to investment funds.
Enel said in a release Monday that the Spanish subsidiary is selling an 80 percent stake in Endesa Gas SA to two funds operated by Goldman Sachs.
The sale will shave euro800 million ($1.07 billion) off of Endesa's debt and contribute euro450 million to its pre-tax profit.
Enel says Endesa may exercise a call option to repurchase the stake between five and seven years after closing.
Enel, Italy's largest utility, owns more than 90 percent of Endesa.
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