After twenty years Italgas go back abroad. The gas distribution company has signed the contract for the purchase of the Greek methane network, which has long been in the sights of Italgas. For a consideration of 733 million euro, the company whose main shareholder is Cassa Depositi Prestiti (with a shareholding of 26%) takes control of Depa which controls the three main distributors in the country, which manage a total of 6.900 kilometers of network and 509 active delivery points. The transaction will be financed entirely by Italgas using committed credit lines.
The agreement was signed following the conclusion of the tender for the privatization of the company and the identification of Italgas as the best bidder of the operation, on 9 September by the two sellers who own the Greek company: Hellenic Republic Asset Development Fund and Hellenic Petroleum.
The completion of the acquisition is subject to the approval of the transaction by the Greek supervisory authority RAE and the clearing by the Greek antitrust authority HCC.
Paolo Gallo, Chief Executive Officer of Italgas, commented: “Today begins a new and important phase in the recent history of Italgas. After about twenty years we are back to operating abroad and we do so in a country like Greece which has recognized our technical and technological leadership and our role as a strategic partner in effectively tackling the phase-out process from coal and lignite for the decarbonisation of the economy”.
As regards the increase in demand for gas, the Italgas director underlined that "it will be satisfied by an increasingly widespread, smart and flexible distribution network, which will distribute methane to a growing number of families and will be ready to receive gas renewables such as biomethane, and green hydrogen. We are thrilled to be able to make available to the Greek government the wealth of experience gained in our almost two centuries of history and the technological know-how acquired in recent years of great digital transformation".
