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28 Apr 2026

Acea Acquires Aquanexa through a.Quantum

"Acea, through its subsidiary a.Quantum, has completed the acquisition of almost the entire share capital of Aquanexa. Cappelli Riolo Calderaro Crisostomo Del Din & Partners advised a.Quantum; GA Alliance and AndPartners Tax and Law Firm advised Algebris Green Transition Fund; Simmons & Simmons, Pirola Pennuto Zei & Associati and Chiomenti advised the selling shareholders and the lending banks."

Cappelli Riolo Calderaro Crisostomo Del Din & Partners represented a.Quantum; GA Alliance and AndPartners Tax and Law Firm represented Algebris Green Transition Fund; Simmons & Simmons represented PT Holding and RGG Holding; Pirola Pennuto Zei & Associati represented Carmelo Puglia; Chiomenti represented the lending banks (Intesa Sanpaolo and Banco BPM). Acea, through its subsidiary a.Quantum, has completed the acquisition of almost the entire share capital of Aquanexa, the parent company of a group active in providing integrated services to water-cycle operators. The transaction implements the share purchase agreement signed on 24 December 2025 with Algebris Green Transition Fund ScS, represented by Algebris Green Transition Fund GP, and other sellers. The scope of the transaction may expand further as Aquanexa finalises additional acquisitions currently underway, with price adjustment mechanisms provided for in the agreements. At the same time, a.Quantum has agreed terms and conditions for the reinvestment of certain minority shareholders in Aquanexa. The operation forms part of Acea's strategy to strengthen its industrial presence in the water sector and to consolidate its role in delivering advanced solutions for efficient and sustainable network management. Cappelli Riolo Calderaro Crisostomo Del Din & Partners represented a.Quantum with a team composed by: senior partners Michele Crisostomo and Roberto Cappelli (team leaders); for M&A and corporate matters partner Stefania Lo Curto, counsel Giulia Martino, senior associate Simone Stasio and associate Gabriele Montanaro; for antitrust and administrative law partner Daniela Fioretti, counsel Sofia Arata and associate Gregorio Torazzi. GA Alliance represented Algebris Green Transition Fund with a team composed by: partners Rosaria Arancio and Leonida Cagli (team leaders), senior associate Alessio Tomao and associate Antonio Sansone. Aspects connected to the repayment of the previous financing subscribed by Aquanexa with Intesa Sanpaolo and Banco BPM and to the release of guarantees were followed by a team led by partner Andrea Martina. AndPartners Tax and Law Firm represented Algebris Green Transition Fund with a team composed by: Pietro Bracco, Stefano Versino, Giovanni Leoni and Giulia Cristini, assisting on all tax aspects of the transaction. Simmons & Simmons represented PT Holding and RGG Holding with a team composed by: partner Laura Fiordelisi and associate Federica Musacchia. RGG Holding concurrently reinvested in the company's capital. Pirola Pennuto Zei & Associati represented Carmelo Puglia with a team composed by: partner Antonio Carlino and associate partner Lorenzo Muzii. Carmelo Puglia concurrently reinvested in Aquanexa's capital. Chiomenti represented the lending banks (Intesa Sanpaolo and Banco BPM) with a team composed by: partner Davide D'Affronto (team leader), counsel Alessandro Elisio and associates Filippo Neri, Matteo Venuta and Tancredi Falcone.
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