- The transactions envisage the acquisition by the Buttol Group of the plant structure, 50% of the shares of the JV GreenASM and taking over the leasing contract
- Total consideration of the transaction equal to Euro 3.9 million, with an advance of Euro 0.7 million in favour of algoWatt
- The sale will involve the deconsolidation of a debt for over Euro 8 million
algoWatt, a greentech solutions company listed on the Italian Stock Exchange (MTA), announces that two separate preliminary contracts were signed today for the sale of the GreenASM biodigestion and composting plant, located in Nera Montoro (TR), to the Buttol Group, which operates in the high quality environmental services sector through sustainable development.
The total consideration of the purchase transaction by Buttol amounts to Euro 3.9 million and the sale will provide for the deconsolidation of the debt for leasing of algoWatt for over Euro 7 million.
The preliminary contracts regulate the acquisitions of full ownership of the anaerobic biodigestion and composting plant, also through the taking over of the leasing contract, and the sale of 50% of the shares of the JV GreenASM Srl between algoWatt SpA and ASM Terni SpA, which manages the plant.
The acquisition may also take place through an associated company of the Buttol Group, which was assisted in the transaction by Execo Srl as technical advisor and by Limatola Avvocati as legal advisor.
The signing of the preliminary contracts, which provide for the payment of a deposit of 0.1 Euro to algoWatt and the deposit of 0.6 million Euro to a notary’s public office, follows the presentation of a binding purchase offer by the Buttol Group at the end of a selective procedure managed by Molino Facchinelli Zerbini & Partners S.r.l., an independent advisor specialised in the renewable energy business.
The closing will be subject to certain conditions precedent, including compliance with the terms and conditions set out in the Recovery and Relaunch Plan pursuant to Article 67 of algoWatt, the completion of due diligence by the buyer and the obtaining of the leasing company’s authorisation to transfer the contract.
algoWatt was assisted in the transaction by the international law firm Eversheds Sutherland as legal advisor.
