(Finance) – Afivea utility listed on Euronext Milan, was awarded the public tender procedure launched by Agesp aimed at identifying an industrial partner to purchase 70% of the participation held by the same in Agesp Energy. The communication was formalized following the favorable ruling by the Busto Arsizio City Council, a 99% shareholder of Agesp, which approved the adequacy of the offer made.
The acquisition constitutes a strategic step in the development of the group Acinque, in accordance with the sustainable growth policy linked to the territories in which it operates and their valorisation, in line with the guidelines underlying the Group’s industrial plan, currently being updated.
Agesp Energia operates in sale of electricity and gas and has represented the reference operator, for over 60 years, in the Busto Arsizio area for 39,300 customers (of which 27,700 customers referring to the gas sector and 11,600 electricity customers). The company also operates in the district heating service, and is the owner of the dedicated network (approximately 18 km) as well as the cogeneration plant serving it.
In 2022 Agesp Energia recorded a EBITDA of 3.3 million euros (average annual EBITDA expected for the next five years is 4.5 million euros), with a net financial debt of 18.7 million euros. L’Enterprise Value of the share being acquired is equal to 31.4 million euros. The transaction is expected to be completed with an effective date of 1 January 2024.