The low-carbon unit of Italian energy group Eni has agreed to buy some of the businesses of regional utility ACEA in a deal worth 587 million euros ($685 million), the two companies said on Wednesday.
The price will be subject to standard adjustment mechanisms for this type of transaction, the companies said, and Eni’s Plenitude could pay an additional 100 million euros to ACEA if certain performance targets are met by mid-2027.
The acquisition, expected to close by June next year, will add more than 1.4 million retail customers to Plenitude’s total in Italy, bringing its customer tally in Europe to over 11 million – a threshold it had previously aimed to reach only in 2028.
ACEA, advised on the deal by Rothschild, said it would use the proceeds to focus on energy networks and regulated businesses.
“This transaction will allow us to reinvest in infrastructure, innovation and sustainability and in the development of regulated businesses, generating a positive impact on the group’s growth and results,” ACEA Chief Executive Fabrizio Palermo said in a statement.
Source: Reuters.com