The Group accelerates its investments for the energy transition and decarbonisation of the country.
Milan, 9 March 2024 – A2A and e-distribuzione, an Enel Group company active in the electricity distribution sector, have signed an agreement for the sale and purchase of e-distribuzione’s business relating to the electricity network in a number of areas of Lombardy, in the provinces of Milan and Brescia. The agreement will allow the A2A Group to exploit territorial synergies and accelerate the investments required for the energy transition.
Specifically, the transaction provides for the acquisition by A2A of 90% of a newly incorporated company to which e-distribuzione will contribute its electricity distribution assets in the province of Milan (excluding certain municipalities in the northern belt) and in Valtrompia (in the Brescia area), totalling approximately 800,000 PODs, approximately 5,000 km of medium voltage cables, over 12,000 km of low voltage cables, approximately 9,500 secondary substations and 60 primary substations. Upon completion of the sale (closing), A2A and e-distribuzione – which will hold the remaining 10% of the company – will enter into a shareholders’ agreement providing, among other things, for call and put options on such 10% stake, exercisable from the first anniversary of the closing.
The transaction will increase the number of A2A Group’s installed electrical PODs in 2023 by approximately 70%, from approximately 1.3 million in 2023 to approximately 2.1 million, in an area of Lombardy where the Group is already active in the electrical distribution sector, allowing for significant industrial synergies. The transaction will also make it possible for A2A to carry out and remunerate greater investments in the electricity distribution network of approximately EUR 1.4 billion by 2035, in support of the energy transition and in line with A2A’s strategic plan and decarbonisation objectives.
"We have taken a very important step for the Group's growth in the management of strategic infrastructure to support the electrification process of consumption. – commented Renato Mazzoncini, CEO of A2A – With this transaction, we are acquiring significant assets, confirming our objective of accelerating investments in electricity networks, promoting the decarbonisation of the country and creating value for communities, in line with our business plan".
The transaction is expected to close by 31 December 2024, subject to a number of conditions precedent, including Antitrust and Golden Power approvals. The base price for the transaction is Euro 1,216,800,000 for 90% of the newly incorporated company, subject to customary closing adjustments.
A2A and e-distribuzione have also signed a non-binding Memorandum of Understanding aimed at evaluating the possible transfer to e-distribuzione of certain electricity distribution networks owned by the A2A Group outside the provinces of Milan and Brescia.
Contacts:
Giuseppe Mariano
Media Relations, Social Networking and Web Responsible
Silvia Merlo - Silvia Onni
Press office
ufficiostampa@a2a.eu Tel. [+39] 02 7720.4583
Marco Porro
Investor Relations manager
ir@a2a, Tel. [+39] 02 7720.3974
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