Italgas concluded today the acquisition, from CPL Concordia and Impresa Costruzioni Ing. Raffaello Pellegrini Srl, of 100% of Ichnusa Gas SpA, holder through its subsidiaries of 12 concessions for the construction and operation of gas distribution networks in 81 Municipalities of Sardinia.
With the completion of the transaction, the number of new concessions that Italgas has acquired rises to 52 in application of the growth strategy announced to the market with the 2017-2023 Strategic Plan which, pending the execution of the area tenders, envisages a development of the Group also through the acquisition of small and medium-sized operators.
The overall valuation of Ichnusa Gas was approximately 26 million euro (Enterprise Value). Of the 12 concessions in the company's portfolio, 2 are in operation with the first customers temporarily served with LPG; the remaining 10 concern networks under construction and to be implemented for a total investment of over 170 million euros, partly financed with regional contributions. These are infrastructures that will be completed in approximately three years, will have a total extension of approximately 1.300 kilometers to serve a catchment area of over 150.000 potential customers.
With the acquisition of Ichnusa Gas, Italgas becomes the manager of about a third of the 38 catchment areas into which Sardinia is divided, immediately assuming an important role in the methanisation project of the island, the only Italian region not yet to enjoy the advantages of an interconnected infrastructure for gas distribution.
