Agreement Between Hera And The Eiser Global Infrastructure Fund On 20% Of Herambiente

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28th July 2010, 07:42am - Views: 861






Business Company Hera S.p.A And EISER Infrastructure Limited 2 image










MEDIA RELEASE PR40596


Agreement Between Hera and the EISER Global Infrastructure Fund on 20% of Herambiente


BOLOGNA, Italy, July 28 / PRNewswire-AsiaNet/ --


    

    - Transaction Pursued With a Medium/Long Term Investment Perspective, 

Which Will Contribute to the Improvement of Herambiente's Leadership in the

Environment Business at a Nationwide Level


    Hera Group and a company controlled by EISER Infrastructure Limited

(Ambiente Arancione Cooperatief U.A) have signed today a binding agreement

for the acquisition of a 20% stake in the share capital of Herambiente, the

holding company of the Hera Group in the environment business.


    The price paid for the 20% stake is EUR 105.6 million (subject to

adjustments according to the change in the net financial position from 31

December 2009), which implies a valuation of 100% of the equity of

Herambiente of EUR 528 million. In addition, EISER will have the option,

exercisable within 3 months from completion of the acquisition of the 20%

stake, to acquire up to an additional 5% of Herambiente, at a price per share

equal to the price paid on the 20% stake.


    Herambiente, incorporated on 1 July 2009, is leader in Italy in the urban

and special waste treatment sector. The Group manages the entire cycle of the

waste treatment business, excluding the waste collection, and owns 77 plants

(landfills, waste to energy, selection, composting, chemical-physical,

biostabilization, biogas, anaerobic digestion, sludge treatment, inertization

and storage plants). In particular, Herambiente manages 7 WTE plants (of

which 5 were recently built), 11 landfills and an installed capacity for

energy recovery exceeding 110 MW.


    In 2009, Herambiente has treated 5.0 million tons of waste, of which 1.7

million urban and 3.3 million special (including sub-products), and had

consolidated revenues of approx. EUR 368 million, EBITDA of EUR 148 million

and Net Income of EUR 28 million.


    The EISER Global Infrastructure Fund ("EISER") is one of the leading

European infrastructure funds, with total committed funds of over EUR 1.1

billion, and is managed by EISER Infrastructure Limited. EISER has already

made equity commitments in 10 companies, mainly in the EU, with an aggregate

enterprise value exceeding EUR 3 billion. EISER enjoys a considerable

experience in the environmental business, having acquired in 2007 a

participation in Cory Environmental, a company that operates on the UK market

and is in the process of building a waste to energy (WTE) plant in South East

London. EISER is already present in Italy as it is the 100% owner of a gas

transmission company, Società Gasdotti Italia.


    "With this transaction - the Chairman of Hera Tomaso Tommasi di Vignano

commented - Hera and Herambiente acquire a first-class financial partner and

shareholder, with a medium/long term investment horizon, that will accompany

Herambiente in its growth path towards a further and progressive improvement

of its nationwide leadership built in the last years".


    Hans Meissner, CEO of EISER Infrastructure Limited commented: "We are

Business Company Hera S.p.A And EISER Infrastructure Limited 3 image

delighted to announce this transaction. Herambiente is an outstanding

business and the Italian waste sector represents a considerable opportunity

for growth and improvement as the sector transitions toward more sustainable

waste management processes. EISER also looks forward to building upon its

relationship with Hera to further develop its existing infrastructure

presence in Italy"


    The closing of the transaction, which is subject to antitrust approval,

is expected in September 2010.


    Hera has been assisted by Lazard & Co. S.r.l. as financial advisor, and

by LS Lexjus Sinacta and Dewey & LeBoeuf as legal counsels; EISER by Citi as

financial advisor and Latham & Watkins as legal counsel.


    Contacts


    Hera S.p.A.

    Direttore Relazioni Esterne

    Giuseppe Gagliano

    Responsabile Rapporti con i media

    Giorgia Freddi

    tel.+39-051-287138

    e.mail: giorgia.freddi@gruppohera.it


    EISER Infrastructure Limited:

    Hans Meissner, Partner and CEO

    Hafeez Ahmed, Partner and CFO

    Vivian Nicoli, Partner

    tel +44-207-323-7500

    e mail: hafeez.ahmed@eiserinfrastructure.com


    SOURCE: Hera S.p.A and EISER Infrastructure Limited








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