Milan, July 30, 2012. A2A S.p.A. received from KKR Global Infrastructure Investors L.P. (KKR) a binding offer for the acquisition of A2A Coriance sas.
The offered purchase price is €76.5 million for the 100% of the shares of Coriance. The share purchase agreement will be finalized as soon as some preliminary requirements by the French Law will be fulfilled.
In 2011, the Coriance Group achieved a turnover of approximately €100 million, with an EBITDA of €17.6 million. As of June 30, 2012, the consolidated net financial position of the Coriance Group amounted to €88.4 million. The Enterprise Value of the transaction corresponds to more than €160 million.
A2A had acquired Coriance in 2008; during the last four years, Coriance increased its revenues by more than 50%, and the EBITDA more than doubled, while the Group consolidated its competitive positioning.
The sale of Coriance falls within A2A’s strategic objectives of improving its economics and financial position. Thanks to this transaction, A2A will improve its net debt by approximately €160 million and will accrue earnings for more than €30 million. The accounting effects of the transaction will impact A2A’s financial statements in the second half of 2012.
As soon as the agreement will be executed, the sale will be exclusively subject to the approval of the competent Antitrust Authority.
Duty to notify the public in accordance with Consob resolution no. 11971 of 14 May1999 as amended.