(Alliance News) - Iniziative Bresciane Spa on Wednesday announced that its entire stake in Iniziative Bergamasche Srl -- equal to 50 percent of the relevant share capital -- has been sold to the Consorzio di Bonifica della Media Pianura Bergamasca, a public-law entity that is the holder, inter alia, of the concession for

water derivation in the Serio and Brembo rivers.

The equity value of 100% of Iniziative Bergamasche for the purposes of the transaction was confirmed as EUR14.5 million.

Iniziative Bergamasche owns three hydroelectric plants in the Serio River, located in the municipalities of Albino, Nembro and Nembro, respectively, and operated as a sub-concessionaire of the acquiring consortium.

Based on the available data, it is estimated that, overall, the transaction generates a reduction in the group's consolidated net debt of about EUR2.6 million in 2023, with a positive impact of about EUR4.2 million on the group's net income in 2023, including the result of the investee.

Iniziative Bresciane is flat at EUR14.90 per share.

By Claudia Cavaliere, Alliance News reporter

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