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A2A SA Equity Lower Ahead Of Earnings As Firm Announces EUR 1.2bn Purchase

UTILITIES
  • EUR spreads up to 1-2bps wider, longer spreads underperforming very slightly.
  • A2A has acquired e-distribuzione's Lombardy electric network assets.
  • Transaction set to close by end of 2024, pending regulatory approvals; base price €1.2168 billion for 90% stake (~0.8x turns of FY22 Ordinary EBITDA).
  • Agreement includes potential future transfers of A2A-owned networks outside Milan and Brescia to e-distribuzione.
  • Earnings to come later in the session, CMD tomorrow

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