Italgas has exercised the "call" option for the purchase of 40% of the share capital of EGN (European Gas Network) from CPL Concordia, a Modena cooperative company that deals with cogeneration, energy management and services for the energy efficiency of buildings .
On 3 December Italgas had already acquired the controlling stake in EGN, equal to 60%. With the operation announced today, April 18, the company led by the managing director Paolo Gallo therefore reaches 100%:
“The exercise of the option took place at the same price, pro rata, as the first closing relating to the purchase of 60% of EGN”, Italgas states in a note.
The valuation of Egn in terms of enterprise value had been set at 100 million euros for 100% of the company. Consequently, in proportion to the stake acquired and net of debt, to obtain the remaining 40 per cent Italgas paid CPL Concordia a consideration of 20,9 million euro.
EGN is instead a company which controls (indirectly) 37 operating concessions for the distribution of gas in Sicily, Calabria and Campania, for a total of around 60.000 redelivery points. Its acquisition therefore becomes strategic and allows Italgas to strengthen its presence in Southern Italy.
