Italgas has signed a binding agreement for the purchase from the Conscoop group of shareholdings and business units, which include 19 gas distribution concessions and over 50.000 redelivery points concentrated in central-southern Italy and Sardinia. In particular, these are 23.800 customers in Lazio, Campania, Basilicata and Calabria; of the 3.600 Mediterranea Srl users in Salerno and 22.300 users of Isgas Energit Multiutilities in Cagliari, Nuoro and Oristano.
The overall value of the acquisitions (enterprise value) is approximately 68,6 million euros. At the closing of the transaction, the price will be paid entirely in cash, net of debt. Furthermore, Italgas will acquire the 10% of the share capital of Isgastrentatré, holder of the concession for the distribution of gas in Basin 33 of Sardinia, which belongs to the Municipality of Quartu Sant'Elena (Cagliari), with about 600 of the 18.500 potential users currently powered by LPG. The agreements for the acquisition of Isgastrentatré also provide for the commitment to acquire the remaining 90% upon the occurrence of certain conditions.
The completion of the individual transactions is expected within the first half of 2019 and is subject to the fulfillment of certain conditions precedent.
"We are closing the year with another important operation which allows us to largely achieve the objective set by the Strategic Plan in terms of acquiring new users for 2018", said Paolo Gallo, Italgas CEO, explaining that "considering the 140.000 redelivery points already acquired between 2017 and 2018 and the 50.000 of the last operation, we are in the right direction to aim at reaching 250.000 new users by 2019”.
