Eni (E) unit Plenitude completed the acquisition of 100% of ACEA Group's Acea Energia unit and the parent's 50% stake in Umbria Energy for about 500 million euros ($585.8 million), gaining about 1.2 million customers in Italy.

The purchase price was based on an enterprise value of 448 million euros, adjusted for net cash as of Dec. 31, 2024, and other standard financial adjustments, including an 82 million euro dividend distributed to ACEA, the companies said Friday in a statement.

The deal, approved by regulators, includes an earn-out of up to 100 million euros, payable to ACEA if certain operating targets are met in mid-2027.

Customers classified as "vulnerable" were excluded from the sale and will remain with ACEA, the companies said.

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