Acea sells high voltage network to Terna for €247 million

Acea has entered into an agreement to sell its high voltage electrical network operated by its subsidiary Areti to Terna, the electricity transmission grid operator listed on Euronext Milan, for a total consideration of €247 million. Approximately €224 million of this amount will be recognized by Terna, with an additional €23 million as a premium awarded by Arera, Italy's regulatory authority for energy, equivalent to 4% of the revalued historical costs. The transaction, expected to close in 2025, is part of Italy's strategic rationalization of the high voltage network, as outlined by Arera, which includes incentives for the transfer of such assets to Terna. The assets included in the deal comprise 73 high voltage connections covering approximately 481 km of network, along with associated fiber optic networks and high voltage components in three primary substations. Equita served as the financial advisor to Acea, with a team led by Marino Marchi and supervised by Carlo Andrea Volpe. The regulatory asset base value for the assets at the end of 2024 is estimated at approximately €203 million. A price adjustment mechanism is in place for the deal, with the final premium from Arera payable after the closing.