With the completion of the transaction 52 new concessions have been acquired, in line with the growth strategy announced in the 2017-2023 Strategic Plan
Milan, 28 February 2018 - Italgas has completed today the acquisition, from CPL Concordia and Impresa Costruzioni Ing. Raffaello Pellegrini Srl, of 100% of Ichnusa Gas S.p.A. owner through its subsidiaries of 12 concessions for the construction and operation of gas distribution networks in 81 Municipalities of Sardinia.
With the completion of the transaction, Italgas increases of 52 new concessions its portfolio, in line with the growth strategy announced to the market with the Strategic Plan 2017-2023, which, pending the execution of the gas concession tenders, envisages the Group's development also through the acquisition of small and medium-sized operators.
The overall value of Ichnusa Gas (Enterprise Value) has been set at about Euro 26 million.
Of the 12 concessions in the company's portfolio, 2 are in operation with the first customers temporarily served with LPG; the remaining 10 refer to networks under construction and to be built, for a total investment of over 170 million euros, partly financed with regional subsidies. These infrastructures will be completed in about three years, and will have a total extension of about 1,300 kilometres to service an area of more than 150,000 potential customers.
With the completion of the transaction - which is in line with the growth strategy set out in the 2017-2023 Business Plan - Italgas becomes the operator of about a third of the 38 pools of users defined by regional subdivisions, immediately assuming a relevant role in the natural gas development project of Sardinia, the only Italian region that does not benefit from an interconnected gas distribution infrastructure.