Published by Global Banking and Finance Review
Posted on December 30, 2024
MILAN (Reuters) - Italian regional utility A2A has finalised a deal to buy larger peer Enel's distribution assets in the northern Italian region of Lombardy, the two groups said on Monday.
A2A signed a 1.22-billion euro ($1.27 billion) deal with Enel in March to buy 90% of its unit Duereti, which runs electricity distribution assets in the Milan and Brescia provinces.
A2A's regulated asset base (RAB) will rise to 3.4 billion euros by 2035, the group said in a statement.
"To support the ongoing electrification of consumption and trends such as the development of artificial intelligence, it is essential to increase resources allocated to infrastructure," its Chief Executive Renato Mazzoncini said.
In a separate statement, Enel confirmed the estimates it issued in March, which saw a positive impact from the transaction of about 1.2 billion euros on its 2024 consolidated net debt and about 1 billion euros on its reported net income.
($1 = 0.9569 euros)
(Reporting by Alessandro Parodi, editing by Gavin Jones and Gianluca Semeraro)
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