Spanish grid operator buys Endesa assets for 1.4 bln euros

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Spanish power grid operator REE has agreed to buy electricity company Endesa's distribution assets for 1.41 billion euros (1.76 billion dollars), the two companies said Thursday.

Endesa, which is controlled by Italian energy group Enel, put its electricity distribution assets up for sale to comply with a 2007 law requiring power companies to sell their transmission assets to REE.

Under the terms of the deal, REE will pay 1.269 billion euros for Endesa's existing distribution assets and another 142 million euros for further assets under construction.

© 2010 AFP

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