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Hera Group acquires EstEnergy shares from Ascopiave and increases its holding to 100% of share capital

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16/12/2024
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

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.

For further information
Press release
 

Asset Publisher

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Hera Group ranks 2nd in the ESG Identity Corporate Index 2025 (ex IGI)

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