Italy's Acinque utility aims to grow via regional M&A deals
16/10/2023 12:36
By Giancarlo Navach
MILAN, Oct 16 (Reuters) - Italian regional utility
Acinque AC5.MI aims to grow by acquiring other peers and sees
opportunities to boost its client base from the end of the
regulated price market due next year, its CEO told Reuters on
Monday.
Acinque is based in Lombardy, Italy's wealthy northern
region, particularly in the provinces north-west of Milan. It is
41.3% owned by Italy's largest regional utility A2A A2.MI ,
while local authorities have a stake of around 48.5%.
The Milan-listed company has recently acquired 70% of
multi-utility Agesp Energia, which will boost its client base to
an overall 340,000 approximately.
"We work on territories that present many opportunities",
said Chief Executive Stefano Cetti pointing to the Lombardy
provinces of Monza, Como, Lecco, Varese and Sondrio.
"This is the real added value", he said, adding that having
a larger industrial partner such as A2A allows Acinque to pursue
interesting market opportunities.
Acinque will unveil its business plan to 2028 by the end of
the year, Cetti said.
The CEO said there were no "open" M&A dossiers at the moment
and that potential targets have to operate in Acinque's
geographical proximity so to implement operational synergies.
However, Acinque sees further room for expansion thanks to
end of Italy's regulated prices for gas and electricity,
expected in January and April respectively, although the
government may extend the deadline by a few months.
The end of regulated prices, currently applied to a sizeable
minority of consumers, is expected to increase competition for
household energy supplies.
(Reporting by Giancarlo Navach, writing by Federico Maccioni,
editing by Alvise Armellini)
((Federico.maccioni@thomsonreuters.com; +39 3420768883;))