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INVESTMENTS, DIVESTMENTS AND M&A

SAT

After the Hera Group Board of Directors' approval on 23 July 2007, Hera Group Shareholders' Meeting approved today the merger of SAT Spa into Hera Spa, that will be effective starting from 1st January 2008. This merger is the completion of the integration process started last month of October with the acquisition of 46.5% stake of SAT for a total amount of Euro 34 million. SAT is a multi-utility operating in the municipalities of Sassuolo, Formigine, Maranello, Fiorano and Serramazzoni of Modena province serving a customer base of 116,000 inhabitants. In 2006 SAT has distributed 116  million cubic meters of gas and about 10 million cubic meters of water, collected 79,000 ton of waste and highlighted consolidated sales of Euro 62.6 million and an Ebitda of Euro 12.3 million.

SAT's public entities shareholders, currently owning 53.5% stake of SAT share capital, will swap their shares with 14,540,334 Hera shares of a nominal value of Euro 1 each (equal to a swap ratio set 5,063 Hera shares for each SAT share) and will enter in Hera public entities shareholders' pact. SAT operating activities will be integrated into Hera Modena (Local Operating Company 100% owned by Hera) in order to set premises to exploit synergies and further development opportunities.

Page updated 18 July 2013

 
 
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