(Finance) – The Board of Directors of FNMa company listed on Euronext Milan and active in integrated mobility in Lombardy, has decided to accept the binding proposal of Term Sheet for the purchase by FNM of an 80% stake in Viridis Energia by Lagi Energia 2006 and HNF, which hold 66.7% and 33.3% respectively.
Viridis is a independent electricity producer with a plant portfolio consisting of approximately 47 MW of already operational plants located in Northern and Central Italy (of which 45 MW photovoltaic and 2 MW biogas), approximately 7 MW of photovoltaic plants under construction, which are expected to enter into production within the first months of 2024, and 16 MW of photovoltaic systems ready to build. With the operation, FNM also acquires an operational structure equipped with over 38 FTEs (number of full-time resources).
The acquisition of the majority stake in Viridis represents a industrial investment in already operational assets capable of immediately generating a positive cash flow and which does not materially change the overall value of the capex envisaged in the strategic plan.
The total price expected to be paid at closing is equal to 59.2 million euros for the acquisition of the 80% share of Viridis and includes an advance share of the Earn Out agreed for the development of a portfolio of plants, to be built within 6 years of the closing. The consolidated accounts of Viridis referring to the scope of the operation as of 30 June 2023 show revenues of 8.5 million euros, EBITDA of 4.9 million euros and a Net Financial Position of 16.2 million euros.
The signature of thebinding offer is expected by January 16th while theexecution of the contract of sale, which will be subject to the usual due diligence activities and the conditions precedent typical of this type of transaction, is expected by 19 February 2024.