Plenitude has entered into a definitive agreement with ACEA S.p.A. to acquire the entire share capital of ACEA Energia, which operates within Italy's energy retail market. The acquisition also includes half of the shareholding in Umbria Energy S.p.A., further expanding Plenitude's presence in the sector.

Under the agreed terms, Plenitude will transfer EUR460 million to ACEA, in addition to recognising up to EUR127 million in normalised net cash, with the total potential consideration reaching EUR587 million. The valuation may be amended through standard adjustment mechanisms associated with transactions of this type.

The agreement features a possible earn-out component of up to EUR100 million, depending on performance indicators to be measured by 30 June 2027. The transaction is expected to close by June 2026 once Antitrust clearance is secured.

This acquisition will bring more than 1.4 million retail customers in Italy into Plenitude's portfolio, taking its total customer base in Europe beyond 11 million--two years ahead of its 2028 strategic objective.

For ACEA, the deal aligns with its Business Plan by enabling it to focus more strongly on infrastructure-based and regulated activities.

Stefano Goberti, Plenitude's CEO, stated: "I am very pleased with this agreement; it represents an important step in our growth journey. The combination of Plenitude and Acea Energia's expertise will create significant synergies, reinforced by our customers' trust in our vision."

ACEA CEO Fabrizio Palermo commented: "This transaction will allow us to reinvest in infrastructure, innovation and sustainability and in the development of regulated businesses, generating a positive impact on the Group's growth and results - I wish to convey my appreciation to all the people at ACEA Energia for their contribution and for the professionalism demonstrated during these years. The recognised value of the operation is also due to their commitment."

Plenitude, owned by Eni, operates across more than 15 countries with an integrated business model combining renewables, energy retail and energy solutions. It currently serves 10 million customers and manages an extensive EV charging network of more than 22,000 points.

ACEA, listed since 1999, is a major Italian industrial group specialising in networks and services relating to water, energy and the environment. With over a century of experience, ACEA is Italy's largest water operator and the second largest in Europe. It continues to prioritise sustainability and long-term value for communities and territories.

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