Italgas is acquiring Italy’s second-largest natural gas distribution operator 2i Rete Gas from owners F2i, APG Asset Management and Ardian in a €5.3bn deal.
F2i currently holds 63.9% of 2i Rete Gas, and Finavias, a corporate vehicle owned by APG and funds managed by Ardian, holds the remaining 36.1%.
Italgas said it had agreed to buy smaller rival 2i Rete Gas in a €5.3bn deal, including debt.
The equity value of the transaction is €2.06bn, while 2i Rete Gas’s net financial debt and other net liabilities at the end of 2023 amounted to €3.25bn.
A merger would mark a major step in the consolidation of Italy’s gas distribution sector and also create a leading player in Europe, Italgas CEO Paolo Gallo said in a statement.
Under F2i’s leadership and with the full support of APG and Ardian, 2i Rete Gas embarked on a significant growth trajectory expanding its number of users from 1.9m to 4.9m, and currently manages a network exceeding 72,000km, with over 2,200 concessions operated by a workforce of 2,200.
Renato Ravanelli CEO of F2i SGR, said: “The sale of 2i Rete Gas marks the conclusion of an important journey in which F2i has played a leading role. 2i Rete Gas is now established as a major national operator that is both efficient in scale and technological expertise and has transformed the ownership structure of a historically fragmented sector.
“The efficiency achieved by 2i Rete Gas has contributed to a gradual reduction in gas distribution tariffs, benefiting the entire national community. The merger with Italgas completes this journey. F2i and its investors thank the management team and everyone at 2i Rete Gas who, over the years, have contributed to the company’s industrial growth, achieving high standards of service and safety.”
Rosario Mazza, senior managing director and head of infrastructure, Italy, ARDIAN, said: “We are proud to have been part of 2i Rete Gas’s history since the beginning, and to have contributed to the growth and consolidation of the company into a national champion in energy infrastructure.
“In addition to this, we are pleased to have contributed, since 2018 alongside APG, to positioning 2i Rete Gas as a key player in the path towards Italy’s energy transition. We thank F2i and the management team for their mutual support during these years and wish Italgas every success for the future.”
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