(Alliance News) - Ecosuntek Spa announced Wednesday in the evening that Eco Trade, a 63.4 percent subsidiary, signed two preliminary agreements on July 31 to purchase the stakes held in + Energia Spa by Paolo Marinangeli for a 17.90 percent stake and by Soni Mar Srl for a 26.875 percent stake for a total stake of about 45 percent.

The purchase involves a total price of about EUR21.3 million to be paid at the closing, expected by the end of October 2023. On Wednesday, a sum of just under EUR1.3 million was paid as a down payment.

The deal is conditional on the other shareholders of +Energia waiving their right of first refusal.

+Energia has now been operating for about 15 years in the free market for the sale of electricity and is an accredited company with the Authority for Electricity, Gas and the Water System. As of December 31, 2022, the company reported a value of production of EUR205.2 million, Ebitda at EUR7.6 million, a positive Net Financial Position of EUR3.6 million.

Matteo Minelli, CEO of Ecosuntek, commented, "We believe that this operation represents a strategic piece of our offer, considering that it allows us to complete the range of services, growing the energy sales sector to the retail, private and business world."

"After a careful analysis of the market, we have identified in +Energia a reliable partner capable of integrating perfectly into our business model, and we are convinced that together, thanks also to the upcoming full liberalization of the electricity market, we could grow significantly."

Ecosuntek's stock on Wednesday closed up 1.6 percent at EUR18.90 per share.

By Chiara Bruschi, Alliance News reporter

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