By Olivia Bugault

Enel SpA said Thursday that it has increased its stake in its Chilean subsidiary Enel Americas to 62.3%.

The Rome-based energy company has bought 5% of Enel Americas' share capital for a total of roughly $701 million by settling two share swap transactions, it said.

The capital increase is in line with its strategy to buy out minorities in South American subsidiaries and Enel intends to increase its stake further, it said.

"As announced to the financial market, Enel entered into two further share swap transactions in April 2020 to acquire, on dates that are expected to occur no later than the end of 2020, additional shares of Enel Americas' common stock and American Depositary Shares by up to a further 2.7%, reaching up to 65% of the company's share capital," Enel said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

May 28, 2020 02:04 ET (06:04 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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