Key highlights
- Plenitude acquired 100% of Acea Energia and 50% of Umbria Energy, adding about 1.2 million customers.
- Total consideration ~€500 million (Enterprise Value €448m; normalized net cash as of 31-12-2024), plus up to €100 million earn-out based on performance to 30-06-2027.
- Vulnerable electricity customers were excluded from the deal and remain managed within the ACEA Group.
Transaction overview
Plenitude completed the acquisition of 100% of Acea Energia and 50% of Umbria Energy, adding approximately 1.2 million customers; the transaction received regulatory approval.
Financial terms
Total consideration is approximately €500 million, reflecting an Enterprise Value of €448 million updated for the transaction perimeter, normalized net cash as of 31 December 2024 (locked‑box date), and adjustments for ticking fees and leakages including a dividend of about €82 million paid to ACEA; an additional earn‑out of up to €100 million may be payable based on operating performance assessed as of 30 June 2027.
Scope and exclusions
Vulnerable electricity customers are excluded from the scope and will continue to be managed within the ACEA Group.
