Context

Ireti has successfully completed the acquisition of the remaining 40% interest in Iren Acqua from F2i Sgr, concluding a long-term institutional partnership. The strategic rationale for this 100% consolidation is to fully internalize the management of the Genoa water basin, allowing for the eventual merger of the target into the parent infrastructure division. This corporate rationalization is expected to extract significant operational synergies and eliminate the leakage of dividends to minority shareholders. By gaining full control, the Group can now more effectively coordinate its multi-year investment plan, focusing on large-scale purification infrastructure and the deployment of advanced leak-detection technologies. This move strengthens the Group's industrial leadership in the national regulated water sector, ensuring that all territorial activities are aligned under a single, unified operational and financial strategy.

Target

Iren Acqua is the operator of the Integrated Water Cycle for the Genoa ATO (Ambit Territorial Office), serving 39 municipalities and over 750,000 equivalent inhabitants. The company manages an extensive infrastructure network of approximately 2,750 km, overseeing the collection, treatment, and distribution of water resources alongside purification services. Its business model is characterized by a regulated revenue stream under the national tariff framework, focused on reducing network leakage and expanding purification capacity. As a critical infrastructure provider, the company maintains high operational standards in safety and environmental compliance, ensuring the sustainability of water services in a high-density urban and coastal basin.