Suez Up Acea Stake, GNF Goes Irish

French water utility Suez said July 29 it had agreed to buy an additional 10.85% stake in Rome-based power and water utility group Acea, in return for 20mn newly-issued Suez shares.

Caltagirone Group, which will divest the Acea stake to Suez, will thus become a 3.5% shareholder in Suez and commits to hold the stake for four years and may later increase it to 6%. Once the swap is completed, Suez indirectly will hold 23.33% of Acea’s share capital, making it the second largest shareholder after the City of Rome which owns 51%. Acea primarily supplies power and water, but also markets gas to householders.

Acea's logo (Credit: Acea)

On July 28, Acea reported 1H net profit of  €149.5mn, up 50% year-on-year. Revenues of  €1.39bn were down 4%. Energy contributed €70mn towards the firm's €444mn Ebitda, while water's share was €147mn  and grids €123mn.

Separately, Spanish utility Gas Natural Fenosa said July 29 it completed its acquisition of Irish gas and electricity marketer Vayu, established in 2003 to supply the industrial and commercial market. Vayu’s share of the Irish I&C market is 15% for gas, 6% for power. The purchase price was not given.

Mark Smedley