Plenitude has announced that it has signed a binding agreement with ACEA S.p.A. for the full acquisition of ACEA Energia, the ACEA Group subsidiary active in Italy’s energy retail sector. The deal also covers the purchase of a 50 per cent stake in Umbria Energy S.p.A., marking a major step in Plenitude’s expansion strategy.
Under the terms of the agreement, Plenitude will pay ACEA €460 million, with an additional amount of up to €127 million reflecting normalised net cash, bringing the transaction value to a potential €587 million. The price remains subject to standard adjustment mechanisms typically applied in similar deals.
The contract also provides for a further performance-based payment of up to €100 million, which would be due to ACEA depending on results assessed as at 30 June 2027. Completion of the acquisition, anticipated by June 2026, remains subject to approval by the relevant Antitrust authorities.
Following the takeover, Plenitude will integrate more than 1.4 million Italian retail customers into its existing portfolio. This move will see the company surpass 11 million customers across Europe, achieving its 2028 customer target two years ahead of schedule.
For ACEA, the transaction supports its strategy of strengthening its focus on infrastructure-driven and regulated activities, as outlined in its Business Plan.
Stefano Goberti, CEO of Plenitude, commented: “I am very pleased with this agreement; it represents an important step in our growth journey. The combination of Plenitude and Acea Energia’s expertise will create significant synergies, reinforced by our customers’ trust in our vision.”
ACEA’s Chief Executive Officer, Fabrizio Palermo, added: “This transaction will allow us to reinvest in infrastructure, innovation and sustainability and in the development of regulated businesses, generating a positive impact on the Group’s growth and results – I wish to convey my appreciation to all the people at ACEA Energia for their contribution and for the professionalism demonstrated during these years. The recognised value of the operation is also due to their commitment.”
Plenitude, majority-owned by Eni, operates in more than 15 countries and combines renewable power generation, energy retail and energy solutions. It currently supplies 10 million customers and manages over
ACEA, one of Italy’s leading industrial groups established 116 years ago, specialises in water, energy and environmental services. The Group is the largest water operator in Italy, the second largest in Europe, and is active internationally, including in Latin America. It continues to strengthen its presence in regulated infrastructure while prioritising sustainability and value creation for communities and territories.