Snam today completed the acquisition of 100% of the share capital of Infrastrutture Trasporto Gas SpA (ITG) and of a 7,3% stake in the capital of Terminale GNL Adriatico Srl (Adriatic LNG) from Edison, following the verification of the conditions precedent to which completion of the transaction was subject.
The total value of the transaction, which will take effect from today's date, is 225 million euro; in addition, if Adriatic LNG signs new contracts for the use of the terminal's capacity, Snam will pay Edison a potential additional consideration in the form of an earn-out.
The investment allows Snam to strengthen its infrastructure in Italy and to exploit further synergies in the integrated management of the entire gas system, connecting a strategic entry point for the Italian natural gas market to the national transport network.
With an annual capacity of 9,6 billion cubic meters, ITG is the third Italian operator in the transportation of natural gas and manages the methane pipeline which extends for 83,3 km between Cavarzere (Veneto) and Minerbio (Emilia Romagna), connecting the Adriatic LNG regasification terminal to the national network at Minerbio.
Adriatic LNG owns the Rovigo regasification terminal, the largest LNG terminal in Italy and the largest offshore infrastructure for offloading, storage and regasification. Operating since 2009, it has long-term contracts insured for around 80% of capacity and medium-term contracts for around 12%. Its annual regasification capacity is approximately 8 billion cubic meters, corresponding to 50% of Italy's LNG import capacity and over 10% of national gas consumption.
In the transaction, Edison was assisted by the Orsingher Ortu Avvocati Associati firm, with the partner Nicola Barra Caracciolo and the associate Federico Roviglio, while Snam was assisted by the NCTM firm.
