Patrizia is buying a 40% stake in Greenthesis, a publicly traded €340m Italian waste management firm, which is being acquired by its controlling shareholder Planesys in a take-private deal.
Planesys, which holds around an 85.8% interest in Euronext Milan-listed Greenthesis and Patrizia’s European mid-market infrastructure funds have agreed for the latter to acquire the minority stake in Greenthesis.
As part of the transaction, a mandatory public tender offer will be launched aimed at delisting all Greenthesis shares, Patrizia said.
Greenthesis owns and operates 20 industrial sites predominantly across northern and central Italy which are dedicated to waste management, energy from waste (EfW), environmental remediation and landfill management activities.
The deal expands Patrizia’s European energy circular economy portfolio which includes a majority stake in Biomet, Europe’s largest plant producing energy from biomethane that comes from bio-waste. Patrizia’s portfolio also includes Nordics EfW facilities operator Saren Energy.
Matteo Andreoletti, the head of infrastructure equity for Europe and North America at Patrizia, said: “We are incredibly excited to strengthen our footprint in Europe’s circular economy with our investment in Greenthesis, which is not only Italy’s leading independent waste management player, but a highly complementary partner for Patrizia’s growing energy-from-waste platform.
”With our future communities and societies shaped by the drive to low carbon economies, innovative green energy solutions that support the global energy transition will provide attractive investment opportunities that deliver sustainable long-term returns for investors.”
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