Électricité de France (EDF) has appointed Intesa Sanpaolo IMI and advisory firm Lazard to assess strategic options for Edison, its Italy-based subsidiary. The move comes as the state-owned energy group seeks to streamline its asset portfolio to free up capital for investments in its nuclear programme.
The decision follows the strategic direction set by EDF’s newly appointed Chief Executive Officer Bernard Fontana. According to sources familiar with the matter, several scenarios are under consideration, including a partial initial public offering, bringing in a financial partner, or selling a minority stake in Edison. EDF is expected to retain majority ownership in any potential transaction.
A valuation estimated up to €10bn
Internal estimates cited by sources suggest Edison could be valued between €7bn and €10bn ($7.43bn to $10.62bn). None of the involved parties — EDF, Lazard, Intesa Sanpaolo, or Edison — have commented publicly on the ongoing process. Italian financial press had previously reported that the two selected advisers were front-runners for the mandate.
Edison Chief Executive Officer Nicola Monti stated in September that the company was ready for a listing on the Milan stock exchange if the French parent opted for that path. The corporate structure and procedures required for a public offering are already in place, allowing for a swift execution if confirmed.
Listed savings shares and stable performance
Since being taken private in 2012, Edison has remained visible on the Milan stock exchange through its savings shares — a special class of shares that provide higher dividends than common shares but do not carry voting rights at shareholder meetings. This maintains a level of market exposure in Italy.
Last year, Edison generated revenue of €15.4bn ($16.37bn) and an EBITDA of €1.7bn ($1.81bn). These figures underline the strategic weight of the company within EDF’s asset base, particularly as financing demands for nuclear development projects in France continue to rise.
