Italgas, which specializes in the distribution of gas in Italy, released a statement on Tuesday that it had entered into exclusive talks with Veolia Environnement to purchase stakes in the country’s water companies owned by the France-based firm.
Without entering into financial details, Italgas said that Veolia had granted it an exclusivity period until May 10 to complete due diligence activities.
Italgas is looking to buy the entire share capital or a majority stake in utilities running water services in the regions of Campania, Lazio and Sicily.
Italgas ha avviato trattative in esclusiva con Veolia per negoziare la potenziale acquisizione delle partecipazioni in alcune società attive nel settore idrico nelle regioni Lazio, Campania e Sicilia.
Le società coinvolte sono Acqua, Idrosicilia e https://t.co/yvkSxmAlsr… https://t.co/ttkcsZKQap
— Italgas (@Italgas) March 14, 2023
According to the statement released by Italgas, the transaction concerns the potential acquisition of the Veolia Group's stakes in the following companies:
- 100% of the share capital of Acqua S.r.l. which in turn directly holds 98.5% of the share capital of Idrosicilia S.p.A. and, indirectly, 75% of the share capital of Siciliacque S.p.A;
- 100% of Idrolatina S.r.l., which in turn holds approximately 49% of Acqualatina S.p.A;
- 47.9% of Acqua Campania S.p.A.
The companies Acqua, Idrosicilia, and Idrolatina are pure holding companies, while Siciliacque, Acqualatina, and Acqua Campania are operating companies.
Last week, the Italian company announced its adjusted core profit rose 7.3% to 1.08 billion euros in 2022 and that it this year it will be seeking external growth through tenders for gas distribution services. It will also seek M&A opportunities in the water, energy and gas distribution sectors, as well as developing the market in Greece.
