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Italgas — M&A Activity 2018
Dec 3, 2018
4178_tar_2018-12-03_4434189a-e331-4bb3-802e-8ff7e8aebc5e.pdf
M&A Activity
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| Informazione Regolamentata n. 0167-50-2018 |
Data/Ora Ricezione 03 Dicembre 2018 08:12:02 |
MTA | ||
|---|---|---|---|---|
| Societa' | : | ITALGAS | ||
| Identificativo Informazione Regolamentata |
: | 111462 | ||
| Nome utilizzatore | : | ITALGASN01 - Porro | ||
| Tipologia | : | 3.1 | ||
| Data/Ora Ricezione | : 03 Dicembre 2018 08:12:02 |
|||
| Data/Ora Inizio Diffusione presunta |
: | 03 Dicembre 2018 08:12:03 | ||
| Oggetto | : | Completed the acquisition of a controlling stake of EGN |
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| Testo del comunicato |
Vedi allegato.
Italgas: completed the acquisition of a controlling stake of EGN (European Gas Network) and 100% of two other local operators
Milan, 3 December 2018 – Italgas completes the M&A transaction announced on last June 22nd, in line with the objectives of market consolidation through targeted acquisitions as indicated in the 2018-2024 Strategic Plan.
The transaction finalized consists in the acquisition from CPL Concordia of the following shareholdings:
- a 60% controlling stake in EGN ("European Gas Network"), which holds, directly and indirectly, 37 concessions for the natural gas distribution in Sicily, Calabria and Campania for a total of approximately 60,000 users;
- 100% of Fontenergia S.r.l., the gas operator in the Area 22 of the Sardinia region, with more than 7,000 users temporarily served by LPG;
- 100% of Naturgas S.r.l., operator of the natural gas distribution service in San Giuseppe Vesuviano (NA), with approximately 2,700 users served.
The valuation of the companies (enterprise value) has been established at €100 million for 100% of EGN and €16 million for 100% of Fontenergia and Naturgas. Therefore, in proportion to the acquired share and net of indebtedness, the price paid to CPL Concordia is equal to €43.5 million for 60% of the share capital of EGN and €2.5 million for 100% of the share capital of Fontenergia S.r.l. and Naturgas S.r.l.
The agreement for the acquisition of EGN also provides for put-and-call options on CPL Concordia's remaining 40% stake in EGN, exercisable starting from the sixth month after the closing date at a pre-determined price equal to 40% of EGN's valuation, less any dividends paid and/or losses not covered by the shareholders.
This press release is available at the following address www.italgas.it
Investor Relations Italgas +39 02 8187 2012 investor.relations@italgas.it
Italgas Press Office +39 02 8187 2020 [email protected]