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Milan, 6 December 2017 – Italgas has today completed the acquisition of 100% of Enerco Distribuzione S.p.A. from H2C S. p. A., upon the fulfilment of the obligations for H2C S.p.A. envisaged in the agreement.

The total value of the transaction is EUR 51 million and has been paid in the amount of EUR 38 million per cash and in the amount of EUR 13 million through taking charge of the debts of the Company.

Enerco Distribuzione owns 27 concessions in the provinces of Padua and Vicenza, manages a network of more than 800 kilometres of pipelines and serves about 30 thousand users.

The completion of the operation, which is in line with the growth strategy set out in the 2017-2023 Business Plan, allows Italgas to strengthen its presence in an area in the North-East of the country considered of great importance for the development of the Group and to put into practice the possible synergies with the assets it already manages in the region.

• 3 concessions for the methanisation of Barano, Lacco Ameno and Casamicciola on the island of Ischia;
• one concession for the methanisation of the island of Procida;
• one concession for the methanisation of the Calabria Basin 12 composed of 10 municipalities in the province of Reggio Calabria;
• 2 concessions for the methanisation of the municipalities of Favara and Siculiana in the province of Agrigento.

Through the transaction, Italgas plays a pivotal role in the methanisation project of Sardinia

Milan, 8 November 2017 – Today Italgas has signed a binding agreement with CPL Concordia and Impresa Costruzioni Ing. Raffaello Pellegrini S.r.l. for the acquisition of 100% of Ichnusa Gas S.p.A., a holding company controlling 12 firms with 12 concessions for implementing and operating gas distribution networks in 81 Sardinian municipalities.

The overall valuation of Ichnusa Gas (enterprise value) has been set at €26.2m. At the closing of the transaction, the sum will be paid entirely in cash, net of debt.

On the day of the acquisition, 2 of the 12 concessions are in temporary operation with the first customers served with LPG. The remaining 10 refer to networks under construction and to be built, for an overall investment of over €170m which will be partially financed with regional public subsidies.

These infrastructures will be progressively completed in the course of approximately three years reaching, when fully operational, an extension of about 1,300 kilometres of networks for a potential pool of over 150,000 users.

The transaction concluded today marks the beginning of a pivotal presence of Italgas in Sardinia. Through the acquisition of Ichnusa Gas, which will serve 12 out of 38 pools of users defined by regional subdivisions, Italgas will cover about a third of Sardinia. The completion of the operation is expected within the first few months of 2018 and is subject to certain conditions precedent.

Paolo Gallo, CEO of Italgas, said:

“The transaction closed today is part of a wider collaboration between Italgas and CPL Concordia, aimed at enhancing the value of both companies’ gas distribution assets and their major competences relative to the construction and maintenance of networks and plants. Our entry into Sardinia – the only Italian region that does not benefit from an interconnected gas distribution infrastructure – signal Italgas’ willingness not only to play a consolidating role in an extremely fragmented sector, but also to promote the further methanization of the country system in view of the future construction of the infrastructures that will bring natural gas to the island. The acquisition of Ichnusa’s assets, one year after our return to the Stock Exchange, is additional to the transactions carried out in recent weeks, and confirms the strategic objectives announced in the 2017-2023 Business Plan”.

Milan, 2 November 2017 – Italgas and Amalfitana Gas have signed today a binding agreement to acquire a company branch regarding natural gas distribution activities in three ATEMs in Campania and Basilicata, two regions in Southern Italy. The agreement includes concessions, networks, plants and staff.

All the assets involved in the operation includes 12 concessions for a total of over 22,000 redelivery points and more than 300 kilometres of network.

The value of Amalfitana Gas branch assets (enterprise value) has been set at Euro 18.5 million. At the closing of the transaction, the sum will be paid entirely in cash.

The completion of the operation is expected by January 2018 and is subject to certain conditions precedent.

Paolo Gallo, CEO of Italgas, commented

The acquisition of these new assets, which includes as well the commitment to develop new networks in the ATEMs concerned, strengthens our robust presence in Southern Italy and in Campania in particular, and establishes the conditions to create value for shareholders and for the entire Italian gas distribution system. The operation concluded today with a historical operator such as Amalfitana Gas represents a further step in the sector’s consolidation process in which Italgas aims to playing a leading role and is part of the series of acquisitions announced to the market.

Milan, 19 October 2017 – Last night, Italgas signed a binding agreement with H2C SpA to acquire 100% of the subsidiary Enerco Distribuzione S.p.A., which is headquartered in Padua and active in the natural gas distribution sector in the Padua and Vicenza provinces.

Enerco Distribuzione has 27 concessions, operates a network of over 800 kilometers of pipelines, and supplies approximately 30 thousand customers.

The value of Enerco Distribuzione’s assets (enterprise value) was set at Euro 51 million. At the closing of the transaction, the sum will be paid entirely in cash, net of debt. The closing is expected by the end of 2017 and is subject to pre-closing requirements by H2C.

Paolo Gallo, Chief Executive of Italgas, commented: “The acquisition of Enerco is part of Italgas’ development strategies that we announced to the market. Through acquisitions of small and medium-sized operators, the Company is pursuing its goal of consolidating the gas distribution market ahead of the concession tenders. In what remains a fragmented market with over 200 companies in operation, Italgas plans to confirm its leading role in national consolidation, carrying out targeted transactions that create value for the its shareholders. The result of this process will benefit the entire Italian gas distribution system and generate important investments in the territory. The acquisition of Enerco, an efficient gas distribution operator, marks the first of a series of transactions in the coming months where Italgas will be the key player“.