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Italgas: completed the acquisitions of Medea, the Sassari gas company
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Milan, 6 April 2018 - Italgas has today completed the acquisition of 100% of Medea S.p.A., the gas distribution company of Sassari. The total value of the transaction has been set at EUR 24.1 million and has been paid cash in the amount of EUR 15.9 million and the remaining through taking charge of the debts of the Company.
Medea, based in the second largest city in Sardinia, currently serves around 13,000 customers, within a potential pool of around 30,000 users, and distributes on average every year a volume of gas exceeding 5 million cubic meters.
Sassari's distribution network, planned for easy conversion to natural gas, extends over 190 kilometres and is currently supplied with LPG.
Following its entry into the Italgas Group, Medea represents the main company base in Sardinia where Italgas presence also includes the assets of Ichnusa Gas, the recently acquired company that holds 12 concessions for the construction and operation of gas distribution networks in 81 municipalities on the island.
Paolo Gallo, CEO of Italgas, commented as follows:
"In Sardinia we are implementing an important part of the growth strategy set out in the 2017-2023 Industrial Plan. With the 200 million euros of investments already planned for the coming years, the gas areas managed by us will be equipped with innovative networks and services. We will exploit the best solutions that technology now makes available during the construction phase: digitization of networks, interconnections between different pools, smart meters, extensive use of optical fibre for data transmission will allow us to manage the networks according to innovative methods and criteria, while waiting for the realization of the infrastructures identified by the National Energy Strategy to bring natural gas to the region”.