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Edison asset sale attracts potential suitors
Posted on Thursday, 10 January 2019 14:30
A sale of the exploration and production assets of Italian energy company Edison has piqued the interest of a number of possible acquirors, according to Bloomberg.

Citing people with knowledge of the matter, the news provider said Neptune Energy and Apex International Energy have both thrown their hats into the ring, while DEA Deutsche Erdoel is also being named in connection with a bid.

The sources, who did not wish to be identified as the process is private, noted that, if a sale of the unit, known as Edison, does go ahead, it could be worth as much as USD 2.00 billion.

However, the people cautioned that all of the firms named could still decide against submitting an approach in advance of the deadline later this month.

None of the parties involved have commented on the report.

Milan-headquartered Edison describes itself as an Italian leader in the energy sector and has a history dating back more than 130 years.

The firm employs some 5,000 people across ten countries worldwide and posted sales revenue of EUR 9.94 billion in 2017, down from EUR 11.03 billion in 2016.

Earnings before interest, taxes, depreciation and amortisation for the 12 months totalled EUR 803.00 million, compared to the EUR 653.00 million recorded in the previous year.

Edison announced an acquisition of its own last year, having agreed to pay an undisclosed consideration for Milan-based natural gas distributor Attiva in April.

The company’s previous purchases have included Frendy Energy and Gas Natural Vendita Italia.

Zephyr, the M&A database published by Bureau van Dijk, shows there were 2,079 deals targeting utilities companies announced worldwide during 2018.

The most valuable of these was worth USD 46.53 billion and involved E.ON Verwaltungs picking up a 76.8 per cent stake in Germany-based Innogy.

Other companies targeted in the sector over the 12 months include Scana, EDP Energias de Portugal and Vectren.

© Zephus Ltd