A2A completed the transfer 100% of the French company Coriance to KKR Global Infrastructure Investors L.P. (KKR)
The transaction enables A2A to reduce its net debt by approximately 160 million euros and will result in a gain of approximately 30 million euros
Milan, 27 September 2012. Today A2A S.p.A. completed the transfer of A2A Coriance s.a.s. to KKR Global Infrastructure Investors L.P. (KKR) pursuant to the agreement signed by the parties on August 2, 2012.
The purchase price for all shares of Coriance is €76.5 million. In 2011, the Coriance Group achieved a turnover of approximately €100 million, with an EBITDA of €17.6 million. As of June 30, 2012, the consolidated net financial position of the Coriance Group amounted to €88.4 million.
A2A had acquired Coriance in 2008; during the last four years, Coriance increased its revenues by more than 50%, and the EBITDA more than doubled, while the Group consolidated its competitive positioning.
The sale of Coriance is in line with the strategy aimed at a fast improvement of the balance sheet structure of the A2A Group.
A2A is the largest multi-utility in Italy. The A2A group operates in the energy sector in four areas of activity: energy (production of electrical power and sale of electrical power and gas), environment (collection and processing of urban and industrial waste), heat (cogeneration and district heating for urban use) and networks (distribution of electrical power and gas, and integrated water cycle). The Group also has a presence abroad through operations in the major European electricity and gas markets, hydroelectric power production and distribution of electrical power in the Balkans, and construction of waste processing plants in various European countries.
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