(Bloomberg) -- Italian management services company Rekeep SpA is in exclusive talks to sell its energy arm to a joint venture between efficiency platform Renovit SpA and utility firm Hera SpA as it seeks funds to address maturing debt, according to people familiar with the matter.
The potential buyers were identified after a process run by its financial advisers Vitale & Co. SpA and UniCredit SpA, said the people, who asked not to be identified because the talks are private. Renovit was created by CDP Equity SpA and Snam SpA.
A spokesperson for UniCredit declined to comment on the deal, while representatives for Rekeep, Vitale, Snam, Hera and CDP weren’t immediately available to comment.
Rekeep’s energy assets could be worth over €250 million ($273 million), one of the people said. Proceeds from the sale will be used to help refinance €370 million in high-yield bonds due in February 2026, they added. These notes gained almost 1 cent on the euro on Wednesday and were quoted at 95 cents at 9:35 a.m. in Milan, according to data compiled by Bloomberg.
In the company’s latest report to investors, its management said it was looking at options to ensure the sustainability of its debt, including a partial refinancing of the bonds, other possible financing sources and the sale of assets or disposal of equity investments. It gave a mandate to the advisers to select potential partners.
Rekeep was created in 2003 in a spin-off from Manutencoop Societa Cooperativa, a cooperative that is still the company’s sole shareholder today, according to its website. The company’s annual turnover is €1.1 billion, from management of property and facilities such as hospitals.
(Updates with bond price move in paragraph four.)
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