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Foundations laid for the industrial partnership between AEB and A2A

Milan, 27 January 2020 - The Board of Directors of A2A S.p.A. (A2A) and Ambiente Energia Brianza S.p.A.  (AEB)  have  mapped  out  the  path  for  the  feasibility  of  the implementation  of  the  territorial partnership  project,  which  involves  the  two  multi-utility  companies  of  Lombardy,  laying  the foundations for the creation of a new industrial entity following multi-utility of the territories model. 

The  A2A  and  AEB  Groups,  continuing  the  process  announced  on  17  October  2019  and  20 December  2019,  have  successfully  completed  the  study  phase  of the  industrial  partnership  with today’s approval by the Boards of Directors of Unareti S.p.A. (a 100% subsidiary of A2A) and AEB S.p.A. of a business combination project to be implemented through the partial demerger of Unareti in favour of the beneficiary AEB. 

In  accordance  with  this  project,  the  company  branch  subject  to  demerger  will  be  made  up  of  a number  of  gas  distribution  assets  in  the  provinces  of  Milan and  Bergamo  and  the  entire shareholding in the company dedicated to public lighting: AEB would thereby benefit from 79,000 gas  distribution  points  and  would become  the  Group’s  development  hub  in  the  public  lighting segment, with more than 250,000 lighting points. 

The project also envisages the entry of A2A in AEB's share capital, on completion of the business combination process, with a holding of 33.5%. The majority of AEB’s share capital would therefore stay in the hands of the Municipalities that are currently AEB’s shareholders, with the Municipality of Seregno  confirming  its  role  at  the head  of  the  shareholder  structure.  A2A  would  become  the Company’s industrial partner, with the prerogative of sufficient governance to enable consolidation.  
In any event, the project assures the public shareholders a decisive role in strategic decisions.  

The  partnership  project  shall  now  be  submitted  for  the  approval  of  the  Municipal  Councils,  AEB shareholders' general meeting and A2A's Board of Directors. Before this takes effect, due diligence activities must be completed and the antitrust clearance must be obtained.

The  strategic  guidelines  have  already  been  agreed  and  will  be  laid  out  in  the  coming  weeks  in AEB's  Industrial  Plan,  aimed  at  maximising  the  generation  of value  for  the  partners  through  the improvement  and  expansion  of  services  in  the  territory  and  the  efficiency  and  integration  of  the processes. The parties have agreed the goal of completing the business combination project with effect from 1 July 2020. 

The business combination will, at the same time, boost the competitiveness and territorial links of AEB, ensuring sustainable and long-lasting growth through a more prominent industrial profile in the activities concerning distribution networks (gas and electricity) and public lighting in particular. 

The new AEB post-aggregation, thanks to A2A’s contributions, will be able to count on an EBITDA of more than 50 €M, attaining a significant size in the national panorama with the option to operate, from the outset, in commercial, industrial and operational synergies in all sectors. 

A2A ensures its process of growth through selective territorial partnerships in the territories adjacent to those in which it operates, in accordance with the multi-utility model of the territories, aimed atenhancing the history and identity of local companies.  

 

A2A Media Relations 
Giuseppe Mariano 
Tel. 02 7720.4583 
ufficiostampa@a2a.eu
Investor Relations
Tel. +39-02 7720.3974  
ir@a2a.eu

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