Enel, the Italian energy group, late on Friday night agreed the €11.1bn ($13.9bn) purchase of a controlling 25 per cent stake in Endesa, marking the final stage in the three-and-a-half-year battle for the Spanish electricity generator.

The long-expected deal sees Acciona, the Spanish construction and energy group, shed its 25 per cent stake in Endesa less than two years after signing a management agreement with Enel to jointly control Endesa.