A2A and AEB, industrial integration completed
Milan, October 27, 2020 - After the authorization order issued in recent days by the Antitrust Authority, A2A and Ambiente Energia Brianza (AEB) (Brianza Energy and Environment) have implemented a territorial industrial integration process, signing a de-merger agreement today for the execution of the operation, which shall become effective on November 1, 2020. In the coming days, further steps will be taken to complete the integration.
A2A will be acquiring 34% of the share capital of AEB, whilst the municipality shareholders will retain the majority with the Municipality of Seregno as lead partner with a stake of approximately 37%.
Aggregation (of shares) will strengthen AEB's competitiveness and territorial vocation, guaranteeing sustainable and long-lasting growth. Concrete and significant industrial benefits are expected: strengthening of AEB's competitive capacity, improved access to credit and reinforced investment capacity, commercial and operational synergies, platform sharing and know-how for new innovative services.
The Industrial Plan defined jointly by AEB and A2A, which is an integral part of the agreements, will identify the main drivers for the organic development of the businesses overseen (public lighting and the sale of gas and electricity), the awarding of gas tenders in strategic areas and the development of new businesses (energy efficiency, smart city, e-mobility). This merger could be an instrument to further external growth through industrial partnerships with other utilities operating in the neighbouring territories. The Plan targets important objectives with investments of more than 300 million Euro over 5 years, of which over 190 million Euro in the territories of the Ordinary Shareholders
"Utilities integration is strategic for the mining of important synergies and to guarantee growth" - commented Renato Mazzoncini, A2A CEO- "Thanks to this partnership, AEB will be able to rely on an EBITDA of over 50 M€ achieving a significant presence also on the national scene. We are satisfied to have completed this operation which allows our Group to take another step forward in the consolidation process in Lombardy".
"We are really satisfied with the conclusion of this merger with A2A" - declared Loredana Bracchitta, Chairman of the AEB Group - "A process that has taken into account a series of strategic and industrial assessments, as well as consistency with the objective of securing a clear identity to the AEB Group, maintaining strong roots within the territory and a leading role in future growth projects. This considerations have led AEB to identify A2A as the partner able to support our growth program".
As anticipated, the project will ensure that the public shareholders will keep the majority of AEB shares and will also have the right to appoint the Chairman and Vice Chairman of the company. The structure of this operation will allow A2A to consolidate its position as well as to direct and coordinate AEB, in addition to appointing the Managing Director.
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