The acquisition of Acam by Iren is now a thing of the past. In the late afternoon and in the evening of Thursday 28 December, almost all the remaining shareholder Municipalities of the multi-utility in the province of La Spezia expressed their opinion, so much so that the reorganization would have been approved by about 90% of the public shareholders against a required quorum of 70%. The value of the transaction is around 60 million euro and ad horas the investment agreement with Iren will be formally signed by the administrations leaving the Acam capital.
Then, in January, there will be time for further formalities and for the definition of the last details. Almost all 31 Acam shareholder Municipalities will choose the option of converting their stakes into Iren shares (rather than being liquidated in cash), which will bring them all together close to 2% of the multi-utility's capital: they will also be included in the shareholders' agreement existing between Genoa, Turin and Reggio Emilia and should have a seat on the board.
The forecast of the CEO of Iren, Massimiliano Bianco (and formulated during the presentation of the strategic plan in mid-November) to close the acquisition by the end of the year was thus respected. For Iren it is a new move in the risk on the reference territories after last year it had reached 60% of Atena Vercelli.
