Plenitude has confirmed that it has reached a binding agreement with ACEA S.p.A. for the acquisition of 100 per cent of ACEA Energia, the Group’s company active in Italy’s energy retail sector. The transaction also includes the purchase of a 50 per cent shareholding in Umbria Energy S.p.A.
On completion, Plenitude will pay €460 million, alongside recognising up to €127 million in normalised net cash, potentially bringing the total consideration to €587 million. The amount will remain subject to typical adjustments applied in transactions of this nature.
The deal provides for an additional performance-linked payment of up to €100 million, payable based on metrics verified on 30 June 2027. The acquisition is expected to be finalised by June 2026, pending approval from Antitrust authorities.
Through this acquisition, Plenitude will add more than 1.4 million retail customers in Italy to its operations, surpassing 11 million customers across Europe and achieving its 2028 growth target ahead of schedule.
For ACEA, the operation supports its strategic ambition to deepen its focus on regulated and infrastructure-based activities, as set out in its Business Plan.
Plenitude CEO Stefano Goberti remarked: “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 CEO 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, owned by Eni, operates in more than 15 countries with an integrated approach involving renewable generation, energy retail and sustainable energy solutions. It currently supports 10 million customers and manages more than 22,000 charging points for electric vehicles.
ACEA, an Italian industrial leader for over a century, focuses on water, energy and environmental management. As Italy’s largest water utility and the second largest in Europe, it continues to expand its regulated businesses while promoting sustainability and creating long-term value for local communities.
