Italgas has formalized theacquisition of 2i Rete Gas, previously owned by F2i and Ardian, for 5,3 billion euros. This operation, confirmed by the group led by Paolo Gallo, allows Italgas to become a major player in the gas distribution market, reaching a market share of over 50% and serving over 4.000 municipalities with more than 12 million delivery points.
“With this operation, Italgas marks a historic milestone in its long and prestigious history,” declared CEO Gallo.
Italgas acquires 2i Rete Gas: details of the operation
The consideration for the transaction is 2,060 billion euros, while net financial debt and other net liabilities at the end of December 2023 amount to 3,246 billion euros. To finance the acquisition, Italgas will use a “bridge” financing initially provided by JP Morgan and backed by a consortium of banks including Banco Bpm, BofA Securities, Citi, Morgan Stanley and Société Générale. A capital increase of 1 billion euros, with the aim of maintaining the company's rating profile.
After the acquisition is completed, the next step will be to extend the entire network of Italgas digital applications and adopt advanced technologies, such as artificial intelligence. These innovations promise to make infrastructures more efficient, safe and reliable, with the possibility of monitoring everything in real time.
Il closing of the operation is expected within the first half of 2025, subject to obtaining the necessary regulatory approvals. Italgas is assisted by JP Morgan and Legance, while the Finavias consortium benefits from the support of Rothschild, F2i, Intesa Sanpaolo, Lazard and Mediobanca.
