Enel agreement with A2A on electricity distribution activities in some municipalities of Lombardy

E-distribuzione S.p.A., a subsidiary of Enel S.p.A., signed an agreement with A2A S.p.A. for the sale to the latter of 90% of the capital of a newly incorporated vehicle (“NewCo”), to which electricity distribution activities in some municipalities of the provinces of Milan and Brescia will be contributed. A put and call option mechanism has also been envisaged to regulate the purchase and sale of the remaining 10% of NewCo

The agreement provides for A2A to pay a consideration of approximately 1.2 billion euros, based on an Enterprise Value (for 100% of the company) of around 1.35 billion euros.

E-distribuzione also signed with A2A non-binding Memorandum of Understanding (MoU) aimed at exploring the possible acquisition by e-distribuzione of certain electricity distribution activities, outside the provinces of Milan and Brescia, currently held by A2A.

Banca Akros acted as financial advisor to Enel and e-distribuzione.

The transaction confirms Banca Akros and the Gruppo Banco BPM’s focus on the Energy & Utilities industry and its key players.

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