TerniEnergia shareholders okay cap hike for Free Energia acquisition

Oct 13, 2014 - The shareholders of Italian renewable energy company TerniEnergia (BIT:TER) approved Monday a capital increase of up to EUR 15 million (USD 19m) reserved to the shareholders of Free Energia SpA, with the purpose to buy 100% in the trading and energy efficiency company.

TerniEnergia will issue up to 6,637,168 new stock at an issue price of EUR 2.26 apiece, it said in a statement.

The cap hike and the acquisition are aimed at boosting financial and operational synergies, raising the group's turnover, expanding core business, enhancing portfolio brands, and maximising economic returns, TerniEnergia said.

(EUR 1 = USD 1.269)

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