(Finance) – Is in the And A2A they signed an agreement for the transfer to the latter of 90% of the share capital of a newly established corporate vehicle (NewCo)in which the activities of electrical distribution in some municipalities of provinces of Milan and Brescia.
The agreement provides for the recognition by A2A of a consideration equal to approximately 1.2 billion euros, defined on the basis of an Enterprise Value (referred to 100%) equal to approximately 1.35 billion euros. The consideration, which will be paid at closingis subject to a adjustment mechanism typical price for this type of operation.
Upon completion of the operation e-distribuzione will maintain a 10% stake of the share capital of NewCo, functional to the start-up phase of the company, which will be the subject of a mechanism put and call options, exercisable starting from the first year following the date of completion of the operation. Furthermore, they are specific agreements between the parties are foreseen through which e-distribuzione will guarantee the support activities to ensure continuity of service.
It is expected that theThe operation will generate a positive effect on debt in 2024 consolidated net financial position of the Enel Group equal to approximately 1.2 billion of euros and a positive impact on reported net profit of the Group equal to approximately 1 billion of Euro. If, after today’s date and before the closing of the transaction, a precise definition of further activities that e-distribuzione can carry out for NewCo is reached and the same are reflected in specific agreements, and this should configure an industrial stewardship model, the aforementioned economic effects could also be recognized on the Group’s ordinary results.
The closing of the operation, expected by 31 December 2024is subject to certain conditions precedent, including the issuance of the Antitrust authorization, the successful completion of the golden power procedure at the Presidency of the Council of Ministers and the obtaining of the provision for the transfer of the electricity distribution service concessions in favor of NewCo.
The operation, included in Nel’s 2024-2026 Strategic Planis consistent with the objective of financial sustainability of the group; the same Plan provides for approximately 12.2 billion euros of investments over the three-year period for the networks in Italy for the benefit of the 31 million end users that e-distribuzione will continue to serve, in approximately 7,300 municipalities throughout the country, following completion. e-distribuzione, in conjunction with the signing of the agreement, also signed a Memorandum of Understanding with A2A non-bindingaimed at exploring the possible acquisition, by e-distribuzione, of some electricity distribution activities currently owned by A2A, outside the provinces of Milan and Brescia.