- Eni’s low-carbon unit, Plenitude, will acquire parts of ACEA for €587 million ($685 million), with potential additional payments of €100 million if targets are met by 2027.
- The deal will add over 1.4 million retail customers to Plenitude in Italy, pushing its European total beyond 11 million, five years ahead of schedule.
Eni’s low-carbon unit, Plenitude, has agreed to acquire some of ACEA‘s businesses in Italy for €587 million ($685 million). The companies announced the deal on Wednesday, December 3.
The price will follow standard adjustment mechanisms. Plenitude could pay an extra €100 million to ACEA if certain performance targets are achieved by mid-2027.
The acquisition is expected to close by June next year. It will add more than 1.4 million retail customers to Plenitude’s portfolio in Italy. This will bring its total European customer base to over 11 million, a target originally planned for 2028.
ACEA, advised by Rothschild, said it will use the proceeds to focus on energy networks and regulated businesses.
ACEA Chief Executive Fabrizio Palermo said, “This transaction will allow us to reinvest in infrastructure, innovation, and sustainability. It will also support the development of regulated businesses and generate a positive impact on the group’s growth and results.”