New agreement between Hera and Ascopiave. The latter will yield to Hera Comm, subsidiary of the Hera group a share equal to8% stake in EstEnergy for 79,2 million euros.
Hera and Ascopiave: Details of the agreement
EstEnergy is a j commercial born in 2019 and which is the largest energy operator in the North-East with over one million customers.
The sale derives from the partial exercise of the sale option held by Ascopiave on its stake in the company, as established in the agreements signed between the parties on the occasion of the establishment of the partnership.
Il sale value based on the fair market value of the company, estimated at 79,2 million euros with payment in December 2022.
As indicated by the two companies, the transaction will be completed by the end of 2022. Once the closing has been completed, Hera will increase to 60% of the capital of EstEnergy, while Ascopiave will continue to hold 40% of the share capital, "retaining the right to sell this share under the conditions already defined, in addition to maintaining the current governance rights", the company says.
“The operation, which falls within the framework of the objectives announced in its strategic plan, will allow the Ascopiave group to improve the sustainability of its capital structure, contributing to the financial coverage of medium-term investments in core and diversification activities”, reads the note. In parallel, thanks toagreement with the Hera group will be able to further strengthen its presence in the North East.
The agreement comes just days after the announcement of thepurchase by Hera and Ascopiave of the 92% of Asco Tlc for 37,2 million euros.
