Italgas has signed a binding agreement with H2C for the purchase of 100% of the subsidiary Enerco Distribuzione, company based in Padua and active in the natural gas distribution sector in the provinces of Padua and Vicenza. The company makes it known. Enerco Distribuzione holds 27 concessions, manages a network of over 800 kilometers of pipelines and serves about 30 users. The valuation of Enerco Distribuzione's assets (enterprise value), according to a note, has been set at 51 million euros. At the closing of the transaction, the price will be paid entirely in cash, net of debt. Completion is expected by the end of 2017 and is subject to certain pre-closing requirements by H2C.
“The acquisition of Enerco – he commented Paolo Gallo, managing director of Italgas – is one of the Italgas development lines announced to the market. Through acquisitions of small and medium-sized operators, the Company pursues the objective of consolidating the gas distribution market pending the execution of the area tenders. In a market that is still very fragmented, in which over 200 entities operate, Italgas intends to affirm its national role as consolidator, carrying out targeted operations that create value for its shareholders. The result of this process will bring benefits to the entire Italian gas distribution system and to the activation of important investments in the area. The acquisition of Enerco, an efficient gas distribution operator, is the first of a series of operations which Italgas will be a protagonist in the coming months”.
