Iren - M&A Activity 2019 | FinancialReports.eu

PRESS RELEASE

Iren Mercato acquires 23 thousand electricity customers in the protected market in western Liguria

Reggio Emilia, 21 November 2019 – Iren Mercato S.p.A., was ranked first in the public tender procedure for the sale of the business branch organized for the exercise of the protected market called "SanremoLuce", put up for sale by Amaie S.p.A., the company that manages the electricity distribution in western Liguria.

Iren Mercato offered 6.2 million euros, thus overcoming the competition of other operators.

The acquisition of new customers (23 thousand electricity customers in the protected market), will allow the Group to increase the electricity sold by approximately 50GWh/year, with an expected annual revenue of 13.6 million euros in 2020.

Iren Mercato acquires new clients guaranteeing them the same high quality of service and the same attention reserved to its historic clients. It will also propose its entire range of services on the new territory, including a wide selection of products for smart home and energy efficiency and a complete offer for zero-emissions electric mobility that includes e-cars, charging stations and e-bikes.

Iren's Chairman Renato Boero and Iren's CEO Massimiliano Bianco have jointly declared: "The transaction will allow the Group to increase its customer base and continue the consolidation process in its reference territories. Thanks to the acquisition, will be possible to accelerate the growth of end users towards the target of 2.25 million clients announced during the new business plan presentation, further develop its commercial policy and strengthen the role of service provider for the citizen in western Liguria area".

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