In 2009, A2A S.p.A. acquired 43.70% of the shares in ELEKTROPRIVREDA CRNE GORE AD NIKSIC (“EPCG”), a Montenegrin electricity company. Following this acquisition and the stipulation of the shareholder agreements, A2A S.p.A. obtained the rights of operational management, management and coordination of the production plants and the electricity distribution and sale networks.
On 29 August 2016, A2A S.p.A. and the State of Montenegro signed new shareholder agreements for the management of the Montenegrin company EPCG, with duration until 31 December 2016, subsequently extended to 30 June 2017.
On 3 July 2017, given the conditions were not met for a further extension of the shareholder agreements, A2A S.p.A exercised the put option for the sale, for an amount of Euro 250 million, of the entire equity investment of 54,785,075 shares in EPCG, equal - on said date - to 41.75% of the company’s shares, to be carried out in seven annual tranches starting from May 2018 until 2024.
On 27 April 2018, the Parliament of Montenegro approved the agreement negotiated between A2A S.p.A. and the State of Montenegro for the accelerated execution of the put option on the entire equity investment in EPCG, for a discounted amount of Euro 230 million, to be paid in a period between 1 May 2018 and 31 July 2019, and subsequently extended - on 29 July 2019 - until 31 December 2019.
The phases of execution of the put option are outlined below:
Following the transfer of the remaining and final tranche of shares in EPCG completed at the end of December 2019, A2A S.p.A. definitively exited the shareholding structure of EPCG.