E-distribuzione S.p.A. has sold 90% of NewCo to A2A S.p.A.

E-distribuzione S.p.A. has signed an agreement with A2A S.p.A. for the sale to the latter of 90% of the capital of a newly incorporated vehicle, to which electricity distribution activities in some municipalities of Lombardy will be contributed. Furthermore, E-distribuzione has also signed a non-binding memorandum of understanding with A2A aimed at exploring the possible acquisition of certain electricity distribution activities currently held by A2A, outside the provinces of Milan and Brescia.

E-distribuzione will retain a 10% stake in Duereti’s (NewCo) share capital to support the company’s startup phase. This stake will be subject to a put-and-call option mechanism, which can be triggered starting from the first year following the completion of the transaction (December 2024).

A2A, listed on the Stock Exchange and with more than 13,000 employees, is Italy’s largest multi-utility firm. The group is the second energy operator in the country in terms of installed capacity and distributed electricity, and the leading national player in the environmental sector. It operates through its environment, generation & trading, market, and smart infrastructures business units, managing the generation, sale and distribution of electricity and the sale and distribution of gas, district heating, waste cycle, electric mobility and smart services for cities, public lighting and integrated water service. A2A is committed to generating a positive impact on people’s quality of life and ensuring excellence in its operational performance in terms of reliability, efficiency and safety through continuous investment in research, innovation and digitalization. Thanks to industrial synergies between its various businesses and the development of strategic infrastructures, the group contributes to the sustainable growth of the country and the creation of new value for the stakeholders and territories in which it operates.

Oaklins’ team in Italy acted as the financial advisor to Enel and E-distribuzione in this transaction and supported the boards of directors with a fairness opinion.