Ascopiave sells 8% of Estenergy’s capital to the Hera Group
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Ascopiave partially exercised the put option on its investment in EstEnergy, selling 8% of the capital to Hera Comm, the majority shareholder. Subsequent to the transaction, the Hera Group will hold a 60% stake in EstEnergy, the largest energy player in North-Eastern Italy with over one million customers.
Today, Ascopiave S.p.A. and the Hera Group, through the subsidiary Hera Comm, signed the agreement for the sale by Ascopiave S.p.A. of an 8% stake in the capital of EstEnergy, the commercial joint venture established in 2019 that is the largest energy player in North-Eastern Italy with over one million customers.
The sale derives from the partial exercise of the put option held by Ascopiave on its stake in the company, in compliance with the agreements signed between the parties upon establishing the partnership.
The sale value is based on the fair market value of the company, estimated at 79.2 million euros with payment within December 2022.
As a result of the transaction, which will be finalised by the end of 2022, the Hera Group’s stake in EstEnergy will rise to 60%, while Ascopiave will hold 40% of the share capital, without prejudice to the right to sell such stake under the conditions already defined, in addition to maintaining the current governance rights.
The operation, which is consistent with the objectives set out in its strategic plan, will enable the Ascopiave Group to improve the sustainability of its capital structure and consequently finance medium-term investments in the core business and diversification.
Similarly, the Hera Group, in line with the objectives set forth in its business plan, further strengthens its presence in North-Eastern Italy, continuing to generate concrete benefits for customers and the communities served, through high-quality services, investments, innovation, and environmental and resource protection.
See the press release
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Contacts
Telephone: +39 051 287111
HERA SPA
Viale Carlo Berti Pichat nr. 2/4 - 40127
Bologna