<div id="readability-page-1"><div>(Alliance News) - Major international funds are calling for a restructuring of Edison based on the preferred equity model, with special shares offering governance rights and preferred returns, a formula already successfully adopted by Eni for Plenitude and Enilive and by F2i for Sorgenia, Il Sole 24 Ore reported on Friday.The possibility of opening up the capital, estimated at between 25% and 35%, is in its early stages and should come into effect in early 2026, while the parent company Edf is evaluating the timing and terms of the operation. Meanwhile, the group led by Nicola Monti continues to invest in the growth of renewables.There are two options under consideration. The first is a stock market listing, which would bring Edison back to the Milan stock exchange, enhancing the value of a strategic portfolio in gas and hydroelectric power and rewarding the green repositioning built up in recent years. However, the IPO could generate lower revenues for Edf and complicate the corporate structure in view of future reorganizations. Success will depend on the equity story and the presence of anchor investors, preferably Italian.The second option is to sell a stake to institutional investors, which is less attractive because it would place them as minority shareholders in an energy group controlled by another operator in the sector. In this context, F2i would be one of the few potential buyers.The picture, writes Il Sole 24 Ore, would change with the use of special shares, which would confer enhanced powers and financial rights such as guaranteed minimum returns, priority on dividends, and protection elements on future exit.This scheme, already applied in other energy reorganizations, has produced high valuations: Eni opened Enilive to KKR and Plenitude first to EIP and then to Ares, while Sixth Street entered Sorgenia with 38% for an enterprise value of over EUR4 billion.Edison is also estimated to have a potential valuation of up to EUR10 billion, making the dossier attractive to funds such as Ares, Apollo, Stonepeak, KKR, Ardian, and Macquarie, which are interested in both the returns and the strategic profile of the asset.By Antonio Di Giorgio, Alliance News reporterComments and questions to redazione@alliancenews.comCopyright 2025 Alliance News IS Italian Service Ltd. All rights reserved.</div></div>

愛迪生國際

主要國際基金正在倡導愛迪生國際採用優先股模式進行重組，提供治理權和優先回報。考慮了兩種選擇：上市或向機構投資者出售股份。重組旨在增強愛迪生國際的戰略投資組合並吸引核心投資者。潛在估值高達 100 億歐元，吸引了包括 Ares 和 KKR 在內的基金的關注

愛迪生與基金推動通過特殊股份進行重組