-- Eni (E) said Friday its unit Plenitude completed a roughly 500 million euro ($586 million) acquisition, adding about 1.2 million customers.
Plenitude, a subsidiary of Eni, finalized the purchase of full ownership in Acea Energia and a 50% stake in Umbria Energy, completing a transaction previously cleared by regulators.
The deal transfers around 1.2 million customers to Plenitude, though vulnerable electricity users were excluded and will remain under ACEA.
The total consideration is approximately 500 million euros, based on an enterprise value of 448 million euros, adjusted for the cash position as of Dec. 31, 2024, along with other agreed financial adjustments.
The structure also includes dividend-related adjustments of about 82 million euros paid to ACEA, as well as provisions tied to transaction timing and any potential financial leakages.
An additional earnout of up to 100 million euros may be paid depending on operating performance, with evaluation scheduled for completion by June 30, 2027.
ACEA is an Italy-based infrastructure group focused on water, energy, and environmental services, with 116 years of operations, leading Italy's water sector and expanding internationally, while emphasizing regulated assets and sustainability-driven growth.
Plenitude operates in 15+ countries with 5.8 gigawatts capacity and 11 million customers, targeting 15 gigawatts, 15 million users, and 30,000 EV charging points by 2030.
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