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.