Falck Renewables has acquired a 60% stake in SAET SpA, which will become part of the Next Solutions Division
Falck Renewables S.p.A. has signed an agreement to acquire a 60% stake in SAET S.p.A., a company from Padua that is a leader in the design and construction of high-voltage electricity systems and energy storage systems. The acquisition will be finalised by the second half of 2021. SAET will continue to serve its customers under the current management, with Giorgio Rossi confirmed as CEO.
The agreed price of approximately € 5.5 million will be financed entirely with internal resources and will be subject to the usual adjustment mechanisms. The structure of the transaction also involves signing of a shareholders’ agreement on completion and the option to purchase the remaining 40% of SAET within four years.
Over 65 years of business, SAET has created more than 70 high-voltage substations in Italy and abroad and has been a pioneer in the creation of storage systems, with over 100 MWh installed. With this acquisition, SAET will continue to operate independently and will grow more quickly, while the Falck Renewables group will be able to rely on the long-standing expertise of SAET, also to the benefit of its own customers, whether producers or industrial or tertiary consumers. The operation will strengthen the Group’s position in the market, consolidating its status as an operator that is prepared for future energy scenarios with large-scale development of non-programmable renewable plants.
A word from the parties involved:
“We are particularly satisfied with this agreement”, commented Toni Volpe, CEO of Falck Renewables. “SAET offers a wealth of expertise, customers and solutions in a fast-growing industry that will enable us to generate value, combining market, systems, digital and management knowledge.”
“With its significant international presence, financial solidity, the Group’s portfolio of customers and its vision for the energy sector, joining Falck Renewables will open up new development possibilities for SAET”, highlighted Giorgio Rossi, CEO of SAET, who concluded: “We are proud to be able to map out a new phase in the growth of our company together with a prestigious and innovative organisation like Falck Renewables.”