Snam, through the controlled by Stogit, perfected theacquisition of 100% of the share capital of Edison Storage, acquiring the entire company for approximately 565 million of euros. This value includes the expected contractual adjustments and the ticking fee, established in the context of the agreement.
The process, which began with the contract signed on July 25th, has received all necessary approvals from antitrust authorities and under golden power regulations.
The acquisition also includes a earn-out, a sum that Stogit may have to correspond to Edison, if the ongoing administrative litigation on previous revenues for the activities in the San Potito and Cotignola site should have a positive outcome.
Snam: 18 billion cubic meters of storage capacity
Thanks to this acquisition, the overall capacity Snam's storage capacity will reach approximately 18 billion cubic meters, with €4,6 billion earmarked for strategic reserves, further consolidating the group as a leader in the European energy sector, with over 17% of the continent's storage capacity.
Edison Stoccaggio, now renamed Adriatica stock after the acquisition by Stogit, it has an estimated Rab of approximately EUR 520 million and an expected Ebitda of approximately EUR 52 million as of 31 December 2024. The company contributes to national energy security thanks to its tking storage facilities in Cellino (TE), Collalto (TV) and San Potito e Cotignola (RA), with a total capacity of approximately 1,1 billion cubic meters per year, of which approximately 140 million cubic meters of strategic reserve. The Italian storage system has a filling level of 50%, higher than the European average of 40%.
These new plants strengthen the role of Snam as a system operator, improving integration with the transport and regasification infrastructures. The Collalto site, with a capacity of 580 million cubic meters, is the main storage field, while the San Potito and Cotignola site, with a capacity of 350 million cubic meters, guarantees additional flows towards the Minerbio node, a crucial point in the gas transport network.
Following the operation, the number of plants of storage managed by Snam will go from 9 to 12, concentrating mainly in central-northern Italy, in the areas of greatest consumption of the country. The new plants of Cellino, Collalto and San Potito and Cotignola will be added to the existing ones, such as those of Brugherio (MI), Settala (MI), Sergnano (CR), Ripalta (CR), Bordolano (CR), Cortemaggiore (PC), Sabbioncello (FE), Minerbio (BO) and Fiume Treste (CH), expanding and strengthening the national storage network.
Financing the operation through hybrid bonds
The acquisition was financed by the Snam Group through thehybrid bond issuance last September. The transaction will have a positive impact on the Group's net profit, with an increase estimated between 1,5% and 2,0% starting from 2025. The effects of this acquisition have already been integrated into the Strategic Plan 2025-2029 company.
“In a scenario that remains fragile and complex, with this operation we add a important piece to the path undertaken to strengthen the systemic approach to the country's energy security. With the other initiatives in which we are strongly committed, the objective is to provide the Italian and European system with the additional elements of solidity and security that are necessary for a better market balance and greater competitiveness", he commented Stefano Venier, Chief Executive Officer of Snam.
