Energy group Plenitude has signed an agreement with ACEA S.p.A. to acquire 100% of ACEA Energia, a player in the Italian electricity and gas retail market. The transaction also includes a 50% stake in Umbria Energy S.p.A. The total consideration could reach up to €587mn ($634mn), including a base payment of €460mn ($497mn) and an adjustment for normalised net cash of up to €127mn ($137mn).
Plenitude strengthens its retail market presence
With this acquisition, Eni-owned Plenitude integrates over 1.4 million additional customers, bringing its European total to more than 11 million. This figure matches the company’s original 2028 target, now achieved two years early. The transaction is expected to be completed by June 2026, subject to authorisation from the relevant antitrust authorities.
As part of the agreement, an additional payment of up to €100mn ($108mn) may be paid to ACEA if specific commercial performance targets are met by June 2027. This earn-out mechanism is performance-based and complements standard adjustment clauses common to this type of transaction.
Strategic repositioning for the ACEA Group
For ACEA, a century-old Italian industrial group, the disposal of its retail unit aligns with a strategy to focus on regulated infrastructure assets. This move reflects the company’s industrial plan, which prioritises increased investments in water, energy and environmental networks.
Plenitude continues to expand through an integrated model combining renewable electricity production, energy sales and energy solutions. The company currently operates 4.8 GW of renewable capacity and more than 22,000 electric vehicle charging points in over 15 countries.
Italian energy market continues to evolve
This transaction marks a significant strategic shift in the Italian energy landscape, as companies aim to consolidate their positions in a rapidly changing retail environment. The integration of ACEA Energia’s customer base and expertise with Plenitude’s operations may lead to economies of scale and streamlined commercial offerings.
Plenitude Chief Executive Officer Stefano Goberti described the acquisition as a key milestone in the company’s growth journey. ACEA Chief Executive Officer Fabrizio Palermo highlighted the positive impact the deal will have on the company’s capacity to reinvest in regulated infrastructure.
