In line with Italgas’ strategic targets in the energy efficiency sector, Seaside and Toscana Energia GREEN (TEG), both controlled by Italgas Group, have completed the merger through the incorporation of TEG into Seaside.
The companies, qualified as Energy Service Companies (ESCo) provide tailor-made energy efficiency projects, in particular in the context of Italgas’ participation in tenders for the assignment of gas concessions as well as energy upgrading activities also supported by the Italian tax incentives (i.e. Ecobonus and Superbonus).
The merger, effective from May 1st, 2021, will allow the two companies to join their respective strengths, know-how and technologies gained in different areas, offering service able to meet almost all the needs of both private and public markets.
Together they will develop, in the first year of activity, a total turnover of around 30 million euros and an EBITDA of 6 million euros.
Vitale & Co. acted as financial advisor to Seaside also by releasing a fairness opinion on the merger exchange ratio.