Italian utility ACEA to sell energy arm to Eni's Plenitude for 588.5 million euros
June 24 (Reuters) - Italian utility ACEA (ACE.MI), opens new tab has approved a binding offer from Eni's (ENI.MI), opens new tab retail and renewables business Plenitude to acquire its energy retail arm ACEA Energia in a deal worth 588.5 million euros ($682 million), it said on Tuesday.
The offer includes a 50% stake in Umbria Energy, a local energy company, and excludes some ACEA business lines such as energy efficiency and electric mobility.
Under the agreement, ACEA could receive an additional 100 million euros if certain performance targets are met by mid-2027.
Transaction is expected to close by June 2026, pending regulatory approvals, including antitrust and so-called "golden power" clearance. The latter gives the Italian government the option to block or modify deals in sectors considered strategic for national interests.
"This transaction, consistent with ACEA's strategy outlined in the 2024-2028 Business Plan, will enhance the Group's position as infrastructure operator, offering the opportunity to reinvest the proceeds of the sale for further development in the businesses," said ACEA's CEO Fabrizio Palermo.
($1 = 0.8629 euros)
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