HERA SpA : Est Reti Elettriche and Est Più: agreement between Eni and Hera

Following clearance by the Antitrust, Est Più will be wholly owned by ENI while AcegasAps (Hera Group) will control 100% of Est Reti Elettriche.

Today, following clearance by the competent Antitrust Authority, ENI and AcegasAps (Hera Group) implemented the master agreement entered into last 30 September, for the reorganization of the equity interests in the Gorizia-based Est Reti Elettriche (electricity distribution with about 22,000 customers) and Est Più (sale of gas and electricity to about 70,000 customers).

Specifically, in pursuance of the relevant sale and purchase agreements, the following two transactions were completed:

• Acquisition by AcegasAps of 70% of the shares outstanding of Est Reti Elettriche (electricity distribution company with about 22,000 customers) from ENI. AcegasAps held already 30% of this company.
• Acquisition by ENI of 30% of the shares outstanding of Est Più (sale of gas and electricity to about 70,000 customers) from AcegasAps. ENI held already 70% of this company.

Following the above transactions, the shareholder bases of the two companies are as follows:

• Est Reti Elettriche: 100% AcegasAps
• Est Più: 100% ENI.

The transaction comes in the wake of an agreement entered into by ENI and AcegasAps, again, whereby the latter increased to 50% its equity interest in Isontina Reti Gas (gas distribution with 59,000 redelivery points under management), with the remaining 50% of this company held by ENI.