A2A Completes Sale of Asset Reti Gas to Ascopiave
Deal News | Jun 30, 2025 | Finance Community IT - 1 Corporate M&A
In a significant move in the utilities sector, A2A and Ascopiave have finalized the sale of Asset Reti Gas North. The transaction entails Ascopiave acquiring 100% of Asset Reti Gas, managing approximately 490,000 gas distribution points, with a RAB valued at €397 million and an EBITDA of €44 million for 2023. This strategic acquisition, effective from July 1, 2025, strengthens Ascopiave's position as a leading national player in gas distribution. The deal was financially advised by Rothschild & Co and BNP Paribas for A2A, and Intesa Sanpaolo for Ascopiave. The financial structure involves funds from Ascopiave's previous sales and new credit lines provided by several banks, including BPER and Unicredit. Additionally, PGIM provided support through a bond issuance. The price for the gas asset, valued at €430 million as of December 31, 2023, will be adjusted post-closing.
Sectors
- Utilities
- Financial Services
- Investment Banking
Geography
- Italy – The transaction occurs in Italy, involving Italian companies and impacting distribution areas within Italian provinces.
Industry
- Utilities – The transaction involves companies in the gas distribution sector, a sub-sector of the utilities industry.
- Financial Services – Multiple financial advisory firms and services were involved in the structuring and financing of the deal, reflecting the crucial role of financial services.
- Investment Banking – Investment banks like Rothschild & Co and BNP Paribas played a critical role in advising the transaction, highlighting this sector's involvement.
Financials
- 430 million euros – The price paid by Ascopiave for the acquisition of 100% shares of Asset Reti Gas North.
- 397 million euros – Regulatory Asset Base (RAB) valuation of the acquired gas distribution assets for 2023.
- 44 million euros – EBITDA of the acquired gas distribution assets for 2023.
- 234 million euros – Proceeds from Ascopiave’s previous sale of its stake in EstEnergy used to fund part of the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| A2A | Seller | Company | A leading multi-utility company in Italy, selling its Asset Reti Gas unit to Ascopiave. |
| Ascopiave | Buyer | Company | A major Italian energy company acquiring Asset Reti Gas to become a leading gas distributor. |
| Rothschild & Co | Financial Advisor | Company | Advised A2A on the financial aspects of the transaction. |
| BNP Paribas | Financial Advisor | Company | Provided financial advisory services to A2A. |
| Intesa Sanpaolo | Financial Advisor and Bank | Company | Acted as a financial advisor to Ascopiave and provided financing for the acquisition. |
| PGIM Private Capital | Bond Issuance | Company | Supported the acquisition through a new bond issuance. |
| BPER, Iccrea, Mediobanca, Unicredit | Lenders | Company | Banks that provided credit facilities for financing the acquisition. |
| Nicola Cecconato | Person | Person | President and CEO of Ascopiave, commented on the strategic development post-acquisition. |