(Alliance News) - Acinque Spa announced Friday that it has been awarded the tender called by Agesp Spa and aimed at finding an industrial partner to purchase the 70 percent stake it holds in Agesp Energia Srl.

The transaction is expected to be finalized on January 1, 2024, and the enterprise value of the stake being acquired is EUR31.4 million.

In 2022 Agesp Energia reported Ebitda of EUR3.3 million with EUR4.5 million average annual Ebitda expected over the next five years, and net debt of EUR18.7 million.

The announcement was also formalized as a result of the favorable pronouncement in the City Council of Busto Arsizio, Agesp's 99 percent shareholder, which resolved that the offer made was fair.

"The acquisition constitutes a strategic step in the development of the Acinque group, in accordance with the policy of sustainable growth linked to the territories in which it operates and their enhancement, consistent with the guidelines underlying the group's industrial plan, which is currently being updated," the company explained in a note.

Agesp Energia operates in the sale of electricity and gas and has been the reference operator, for more than 60 years, in the Busto Arsizio area for its 39,300 customers. The company also operates district heating service, and owns the dedicated network as well as the cogeneration plant serving it.

In 2022, about 32,100 MWh of thermal energy was sold and 21,400 MWh of electricity was fed into the grid, net of self-consumption.

Acinque on Friday closed flat at EUR1.89 per share.

By Chiara Bruschi, Alliance News reporter

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