Snam has signed a definitive agreement with Edison for the acquisition of 100% of Infrastrutture Trasporto Gas (Itg) and 7,3% of Terminale Gln Adriatico (Adriatic LNG).
"This investment - commented Marco Alverà, CEO of Snam - allows us to strengthen our infrastructures in Italy and to exploit further synergies in the integrated management of the entire gas system, adding an important section of the network and connecting a strategic entry point which Snam did not oversee".
The total value of the investment is 225 million euros, subject to price adjustment at the closing. 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.
Studio Orsingher Ortu – Avvocati Associati with a team led by Partner Nicola Barra Caracciolo and composed of Stephen McCleery, Sacha D' Ecclesiis, Federico Roviglio and Enrica Di Cagno.
The closing of the transaction is expected by the end of 2017 and is subject, as regards the investment in Adriatic LNG, to the failure to exercise the pre-emption rights guaranteed to the other current shareholders.
