Hera Group acquires Estenergy shares from Ascopiave and increases its holding to 100% of share capital
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Hera Group acquires Estenergy shares from Ascopiave and increases its holding to 100% of share capital
Following Ascopiave’s decision to exercise its option to sell its 25% stake in EstEnergy, Hera Comm becomes the sole shareholder of the largest energy operator in the Northeastern Italy
Today in Bologna, the Hera Group, acting through its subsidiary Hera Comm, and Ascopiave signed the deed by which the latter transfers 25% of the share capital of EstEnergy, a commercial joint venture established in 2019 which is the largest energy operator in the Northeastern Italy.
The Hera Group’s holding in EstEnergy thus rises to 100%, while Ascopiave concludes its withdrawal from the company, after selling an initial 8% in 2022 and a further 15% in 2023. The possibility of dilating the withdrawal over time was a value for both companies, since it allowed Ascopiave’s local roots to be enhanced alongside Hera’s industrial approach to managing sales activities. The customer base’s economic fundamentals thus significantly improved, expressing synergies and opportunities for the supply of value-added services and laying solid foundations for further growth in margins.
In five years, by rationalising the number of companies and renewing IT systems, it has been possible to improve the quality of customer relations by combining the local nature of this relationship with a commercial approach in line with the best standards. This has led to increased and reinforced contact channels and types of energy solutions for customers, with the aim of supporting them along the road to decarbonisation.
The transaction formalised today, whose value came to approximately 232 million euro, results from Ascopiave exercising the put option for its shareholding in the company, as defined in the agreements signed between the parties when the partnership was established. This amount will be paid within July 2025, at the same time as the transfer of the shares.
This transaction, in fact, follows up in full on the agreements made in 2019, which were therefore already fully reflected in the Hera Group’s net financial position. The early exercise of the put option, with respect to its natural maturity, entails a potential prospective benefit in the income statement, deriving from the Hera Group’s lower financing costs compared to the notional accounting rate applied to the value of the put option.
The Hera Group thus further strengthens its position as Italy's third operator in the energy sector, reaching 4.7 million electricity and gas customers.
This transaction will enable the Ascopiave Group, whose partnership with the Hera Group continues through its shareholdings in Hera Comm and Acantho, to improve the sustainability of its capital structure, in line with the goals set out in its strategic plan and contributing to the financial coverage of investments in core and diversification activities.
“Over five years we have created, along with Ascopiave, the largest energy operator in Northeastern Italy. This far-sighted move towards aggregation was made to develop the economies of scale necessary to improve quality and provide solutions benefiting customers, with the specific features typical of an operator with strongly local roots. With Ascopiave, we have built a solid partnership based on fairness and mutual respect that has led us, despite Covid and the energy crisis, to exceed the objectives we set for ourselves.” Cristian Fabbri, Executive Chairman of the Hera Group.
“By exercising the put option on EstEnergy, Ascopiave continues its strategic repositioning plan initiated in 2019, which involves exiting energy marketing to focus on business sectors with more stable return profiles. Over the last five years, we maintained a minority stake in EstEnergy, taking advantage of the industrial guidance of the Hera Group, which has been able to cope effectively with the difficult situation caused by an increasingly competitive market and rising price volatility. This allowed us to benefit from a significant dividend payment and, now, to recognise the full value of our shareholding with an unquestionably interesting income. I would like to thank Hera for the fruitful cooperation we have had over the past few years in managing our partnership, and I am certain that it will continue its activities with professionalism and competence, with positive repercussions also for the customers of our local areas.” Nicola Cecconato, Chairman of the Ascopiave Group.
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A collaboration agreement has been signed to support companies and local areas on their path towards the energy transition and circular economy, through innovative solutions that combine sustainability with competitiveness
Saipem, a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, and Hera Group, one of Italy’s leading multi-utilities, have signed a strategic collaboration agreement, initially lasting three years, with the aim of supporting Italian companies in their energy efficiency, decarbonisation and circular economy journeys.
The partnership draws on Saipem’s engineering and technological expertise and Hera Group’s long-standing experience in waste, water and energy services. Both companies share a firm commitment to sustainability and emissions reduction.
The agreement between the two organisations aims to support companies and local areas in the energy transition, offering concrete, integrated solutions to reduce emissions, improve consumption efficiency and enhance resource recovery. Particular attention will be paid to the needs of the most energy-intensive industrial sectors, such as ceramics, glass, paper, chemicals, cement, steel and other industries characterised by processes that are difficult to electrify, all of which face an increasingly complex and challenging path towards Net Zero.
Through this partnership, Saipem and Hera Group will make their multidisciplinary expertise available, offering a comprehensive portfolio of technologies and integrated solutions for energy efficiency, renewable energy, hydrogen and carbon capture systems. The objective is to identify, on a case-by-case basis, the most effective energy transition pathway from a technical, energy and economic perspective.
Interested companies will be able to benefit from a free preliminary audit designed to assess the best possible decarbonisation pathway from an energy and economic standpoint, as well as support in evaluating incentive schemes available at national and European level to help make projects feasible. This represents a concrete contribution across the entire energy transition value chain, a rapidly evolving sector that is increasingly strategic for the competitiveness of the production system.
For Saipem, the agreement with Hera Group forms part of its strategy to support the energy transition of the most complex industrial sectors. The partnership enhances the Group’s engineering and technological expertise and its ability to integrate innovative solutions, strengthening Saipem’s role as a technology partner for Italian industry. It also broadens access to solutions for energy efficiency, renewables, hydrogen and CO₂ capture, in line with Saipem’s evolution towards increasingly sustainable business models.
This agreement is fully aligned with the path outlined by Hera Group in its Business Plan to 2029, which envisages €3 billion in investments dedicated to the energy transition and circular economy of local areas and businesses. Also moving in this direction is the cutting-edge project for the capture of CO₂ emissions at the Ferrara waste-to-energy plant, proposed by Hera Group as lead partner in collaboration with Saipem. The project was selected in October 2024 to receive funding under the fourth call for mid-scale projects of the EU Innovation Fund, confirming the multi-utility’s commitment to promoting advanced technologies and strategic partnerships to make a concrete contribution to national and European climate targets.
Hera Group
Hera Group is one of Italy’s largest multi-utilities and operates in the environment, energy and water sectors, with over 10,500 employees. More than 7.5 million citizens receive at least one service provided by the Group. Listed since 2003, it is among the top 40 Italian companies by market capitalisation, is included in the FTSE MIB index and has been part of the Dow Jones Sustainability Index since 2020, recently renamed the Dow Jones Best-in-Class Index.
https://eng.gruppohera.it/group_eng/
Saipem
Saipem is a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, both offshore and onshore. Saipem is a “One Company” organised into business lines: Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind and Sustainable Infrastructures. The company has five fabrication yards and an offshore fleet of 17 owned construction vessels and 12 drilling rigs, nine of which are owned. Always focused on technological innovation, the company’s vision is “Engineering for a sustainable future”. For this reason, Saipem is committed every day to supporting its clients on their energy transition journey towards Net Zero, using increasingly digital means, technologies and processes geared towards environmental sustainability. Listed on the Milan Stock Exchange, Saipem operates in more than 50 countries worldwide and employs around 30,000 people of over 130 nationalities.
Website: www.saipem.com