After nine months of negotiations, A2A-Linea Group is one step away from the finish line. The entire scheme of the operation would by now be defined and tomorrow (when the last technical extension will expire), barring last-minute twists, the multi-utility chaired by Giovanni Valotti will sign the investment agreement with the shareholders of Linea Group with which it will acquire 51% of the capital of the same Lgh. Before the closing, estimated in about three months, the operation will have to receive, as usual, the go-ahead from the Antitrust. Furthermore, a condition precedent is envisaged: the sworn statement by an expert of the restructuring of the debt of Aem Cremona, which must also arrive before the closing.
Aem Cremona holds 31% of Linea Group but has large liabilities in its balance sheet that will be restructured through a recovery plan, in bonis, pursuant to article 67 of the Bankruptcy Law. A procedure that intersects with the signing of the joint venture with A2A, because the sale of Linea Group shares will contribute to the reorganization of the debt profile of the Cremona holding. Once the investment agreement is signed, phase two of the Linea Group operation will begin for A2A, which provides for the drafting of the joint business plan (with synergies estimated at 10% of the Linea Group's EBITDA). Then, within three months (therefore in May), the closing should arrive with the transfer of shares to the Lombard multi-utility for consideration partly in cash and partly in shares.
