ROME, Italy - SUEZ has acquired a 10.85% stake in ACEA, an Italian operator in the water, energy and environmental sector from the Caltagirone group, in exchange for SUEZ new shares.
SUEZ now holds 23.33% of the capital of ACEA, that is 51% owned by the city of Rome.
Caltagirone, which received 20 million SUEZ new shares, becomes a long-term shareholder in SUEZ, holding a stake of about 3.5% of the capital that is subject to a lock-up period of four year and having expressed its intention to possibly increase its stake in SUEZ up to 6% in the coming years.
Under the terms of the framework agreement signed in July 2016, a representative of Caltagirone will be proposed by the SUEZ board of directors to become a director at the 2017 Annual Shareholders’ Meeting at the latest.
SUEZ said the transaction consolidates its position on the environmental markets in Italy.