algoWatt: preliminary contracts signed for the sale of the GreenASM biodigestion and composting plant

algoWatt: preliminary contracts signed for the sale of the GreenASM biodigestion and composting plantThe 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 contractTotal consideration of the transaction equal to Euro 3.9 million, with an advance of Euro 0.7 million in favour of algoWattThe sale will involve the deconsolidation of a debt for over Euro 8 millionalgoWatt, 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.This press release is available on the Company’s website www.algowatt.comalgoWatt (ALW), greentech solutions company, designs, develops and integrates solutions for energy and natural resource management in a sustainable and socially responsible manner. The Company provides management and control systems that integrate devices, networks, software and services with a clear sector focus: digital energy and utilities, smart cities & enterprises and green mobility. algoWatt is the result of the merger of TerniEnergia, a leading company in the renewable energy and environmental industry, and Softeco, an ICT solutions provider with over 40 years of experience for customers operating in the energy, industry and transport sectors. The company, with more than 200 employees located in 7 locations in Italy and investments in research and innovation for more than 12% of turnover, operates with an efficient corporate organization, focused on the following markets: Green Energy Utility: renewable energy, digital energy, smart grids; Green Enterprise&City: IoT, data analysis, energy efficiency, building and process automation; Green Mobility: electric, shared and on demand. Different markets, a single focus: sustainability. algoWatt is listed on the Mercato Telematico Azionario (MTA) of Borsa Italiana S.p.A..For further info:AttachmentALGOWATT_PR46_14-12-2020 (EN)