A major acquisition in the energy sector
Ascopiave recently signed a preliminary contract with A2A for the acquisition of 100% of the shares in a corporate vehicle. At the time of closing, this vehicle will own a branch of business that includes a compendium of significant assets, including approximately 490 thousand gas distribution points (PDR).
These PDR are distributed in the provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, and represent a RAB (Regulatory Asset Base) for 2023 of 397 million euros and an expected EBITDA of 44 million euros.
Details of the operation
According to what was announced in an official note, the assets subject to the transaction are currently held by Unareti and LD Reti, both controlled by A2A. These assets will be transferred to the corporate vehicle during the period between the signing and the closing of the agreement. The base price for the transaction is set at 430 million euros, a figure that reflects the valuation of the business unit and which will be subject to any adjustments at the end of the closing, as is customary in
this type of transaction.
Conditions and timing
The completion of the transaction is subject to the occurrence of certain suspensive conditions, including the completion of the Golden Power procedure, a measure to protect national strategic interests. The closing is expected by July 2025, which indicates a long process of integration and verification of the conditions necessary for the completion of the agreement.
Financing the acquisition
Ascopiave planned to finance the acquisition primarily through the resources deriving from the exercise of the sales option on its minority interest in ESTenergy. For the remaining part, the company plans to resort to taking on new financial debt. This financing strategy highlights Ascopiave’s commitment to expanding its presence in the gas distribution market, a sector in continuous evolution
and growth.