we receive e we publish the following Press release spread by Hera Group.
Today the Boards of Directors of AIMAG SpA e Hera SpA they approved the subscription of the framework agreement which will kick off a new phase of the project partnerships painting between the two realities.
Il AIMAG Group, participated by 21 municipalities distributed in the provinces of Modena and Mantua, is active in environmental services sectors, water cycle and energy; in 2023 it recorded a turnover consolidated of 400 million with a gross operating margin of over 60 million and a net financial position of 210 million euros. AIMAG can count on a customer base in the energy sector of over 230 thousand units, 121 thousand supply points in gas distribution, 72 thousand citizens served and 2.000 km of networks in the integrated water cycle and a waste collection and treatment activity aimed at over 176 thousand citizens in 12 municipalities. The territorial contiguity and the affinities in the mix of multi-utility activities strengthen the synergic prospects of the industrial partnership between AIMAG and the Hera Group.
The transaction will be subject to the usual conditions foreseen for this type of transaction and to all communications and approvals by the competent Authorities and bodies. The parties expect to complete the transaction by June 2025.
Hera strengthens AIMAG with capital increase and new company for Modena water service
The route includes, among other things, a capital increase in kind to be released through the contribution by Hera in favor of AIMAG of a participation of approximately 45% of a newco to which the activities relating to the integrated water service of the province of Modena, currently managed by Hera SpA, will be transferred, concerning the management of 7.300 km of networks serving approximately 470.000 thousand citizens. A single Modena hub in the water cycle will thus be established from now on, making synergies and integrated developments of the current systems possible and enabling greater investments and significant improvements in the resilience of the water network. The capital increase was defined by valuing AIMAG at approximately 7x the 2024 Ebitda and the newco at approximately 1,2x the RAB, consequently it is expected that Hera's participation in AIMAG will increase from 25% to approximately 41%, while the Public Shareholders will maintain the majority with 51%.
Il strengthening of the capital structure of AIMAG and the industrial and financial synergies, obtained with the industrial governance and consolidation by Hera, will enable a investment plan for the period 2025-2028 di over 250 million euros overall, for AIMAG and for the newco, also for the benefit of all the services currently managed by AIMAG, with the strengthening of the link with the territory and the stakeholders and consequent positive effects for the local communities.
In the operation Hera was assisted by the Lazard team for the financial part and from Grimaldi Studio for the legal part, while AIMAG made use of PwC as strategic and financial advisor of the operation, Prof. Marco Maria Mattei as an advisor for the evaluation and, for the legal part, of the Prof. Attorney Tommaso Bonetti dellor Bonetti Law Firm and the BLF Studio.
Contact us
AIMAG SpA
- Monica Argilli – Head of Communication, Sustainability and Diversity Manager: +39 334.6533891
Hera SpA
- Giuseppe Gagliano – Central Director of Communication and External Relations: + 39 051.287595
- Cecilia Bondioli – Media Relations and Publishing Manager: + 39 051.287138 – + 39 320.4790622
