Italy's Falck Renewables SpA (BIT:FKR) announced on Wednesday it has agreed to acquire a 60% stake in Padua-based high-voltage electrical and energy storage systems company SAET SpA.
Valued at about EUR 5.5 million (USD 6.6m), the acquisition will be entirely funded by Falck Renewables' own resources. The price is still subject to the usual adjustment mechanisms.
Under the terms of the transaction, which involves the signing of a shareholders' agreement at closing, Falck will be able to purchase the remaining 40% within four years.
SAET is an electromechanical company that was founded back in 1956. The firm has built more than 70 high-voltage substations in Italy and abroad over its 65 years of operation. In addition, it has installed around 100 MWh of energy storage systems since it entered that market in 2012.
Completion of the transaction is expected by the second half of 2021. SAET will retain its current management with Giorgio Rossi as CEO, Falck noted.