(Finance) – The industrial partnership between Hera And Aimaga group participated by 21 municipalities in the provinces of Modena and Mantua and active in the sectors of environmental services, water cycle and energy. The agreement provides for a capital increase in kind through the contribution to Aimag, by Hera, of a stake of approximately 45% of a newco which manages the integrated water service of the province of Modena currently under the responsibility of Hera.
Following the increase, the participation of Hera in Aimag will rise from the current 25% to approximately 41%, acquiring the industrial governance useful for achieving the expected synergies, while the public shareholders will maintain the majority ownership of Aimag with 51%.
Aimag in 2023 recorded a consolidated turnover of 400 million euros with a gross operating margin of over 60 million and one net financial position of 210 million. Aimag can count on one basic clients in the energy sector of over 230 thousand units, 121 thousand supply points in gas distribution, 72 thousand citizens served and 2,000 km of networks in the integrated water cycle and a waste collection and treatment activity aimed at over 176 thousand citizens in 12 municipalities.
Territorial contiguity and affinities in the mix of multi-utility activities strengthen the perspectives synergistic of the industrial partnership between Aimag and the Hera Group. The parties expect to complete the transaction by June. The capital increase was defined by valuing Aimag at approximately 7x the 2024 Ebitda and the newco at approximately 1.2x the Rab.
The strengthening of Aimag’s capital structure and the industrial and financial synergies, obtained with the industrial governance and consolidation by Hera, will enable a investment plan in the period 2025-2028 of over 250 million in total, for Aimag and for the newco, also for the benefit of all the services currently managed by Aimag, with the strengthening of the link with the territory and the stakeholders and consequent positive effects for the local communities.