Hera has signed an agreement for the sale to Italgas of 100% of Medea spa, the company that holds the rights for the concession, distribution and sale of gas in Sassari.
The acquisition, reports a note, follows the binding agreement signed by the parties on 21 December 2017 and is consequent to the occurrence of the conditions set forth in the contract. The overall valuation of Medea (enterprise value) was established in 24,1 million of Euro. The price was paid entirely in cash, net of debt.
The transaction is part of a broader process of rationalization of the Hera group's equity investments and concentration in the reference territories. The passing of the baton to Italgas, an Italian operator in the gas distribution sector, according to a note from Hera, "takes place after a fruitful twenty-year collaboration between Hera and the municipal administrations that have followed one another over time, which has made it possible to transform Medea in the main reality of its kind in Sardinia”.
Thanks to investments of over 20 million euros in the area, the company now serves around 13.000 customers, all residing in the town of Sassari, to whom it distributes a volume of gas exceeding 5 million cubic meters annually.
"In Sardinia we are implementing an important part of the growth strategy set out in the 2017-2023 business plan", commented Paolo Rooster, managing director of Italgas. “With the 200 million euros of investments already planned for the next few years, the territorial areas entrusted to our management will be equipped with cutting-edge networks and services, being able to apply the best solutions that technology offers us right from the construction phase available: digitization of the networks, interconnections between the various basins, smart meters, widespread use of fiber for data transmission will allow us to manage them according to innovative methods and criteria, waiting to see the infrastructures identified by the National Energy Strategy to bring methane to the region,” added Gallo.
