Snam has signed an agreement with the funds managed by Blackstone Tactical Opportunities to acquire a "strategic stake" equal to approximately 33% of Industrie De Nora, a global player in sustainable energy and water treatment technologies. The transaction was agreed on the basis of a valuation of approximately 1,2 billion for 100% of the share capital. Snam announced it in a note, specifying that it will carry out the acquisition with its own funds and that the completion is expected within the first quarter of 2021.
De Nora “has significant growth prospects – reads the note – thanks to its exposure to two mega-trends of the energy transition, in particular the production of green hydrogen and water treatment. As far as hydrogen is concerned, De Nora's strength derives from its leadership in the production of electrodes for industrial electrochemical applications”.
The acquisition allows Snam to "increase its technological positioning - continues the note - to be increasingly competitive in new projects for the development of hydrogen".
De Nora, controlled by Federico De Nora, produces revenues of over 500 million a year (60% in electrodes and 40% in water treatment), with an expected ebitda of around 90 million in 2020 and growing on average (Cagr) by 8% in the last three years. Snam will be able to appoint three directors of De Nora and will be present in the new technical and strategic committees of the company.
De Nora has an "ideal position to become an international and highly technological listed company in the medium term and represents a potential first asset for a new investment platform in the energy transition - comments the CEO of Snam, Marco Alvera – The partnership is a unique opportunity to strengthen Snam's role in the energy transition. The partnership with De Nora will allow us to be leaders in the development of green hydrogen, which is becoming a key element of decarbonisation in Italy, Europe and many countries around the world. Thanks to this operation and to the new energy innovation platform, we will be able to increase our exposure to new green technologies while remaining focused on our core business, contributing to the achievement of the global net zero emissions targets”.
mid morning, Snam stock on the Stock Exchange gains 0,5%, to 4,611 euros.
