Italgas expands into foreign markets: agreement signed for a 22.5 per cent stake in the Portuguese company Floene
A €120 million deal that forms part of the path set out in the group’s latest business plan
Key points
Following Greece, Italgas is also expanding into Portugal, where the group led by Paolo Gallo has acquired a 22.5 per cent stake in Floene, the leading gas distribution operator. The Italian company has signed a binding agreement with Marubeni Corporation and Toho Gas Co. Ltd. for the acquisition of 100 per cent of Meet Europe Natural Gas, the company that holds the controlling stake in the leading player in the Portuguese market.
A step on the path to growth set out in the plan
The potential acquisition forms part of the growth trajectory outlined in the group’s strategic plan presented in June and represents a further milestone among the potential opportunities on which the company has turned its attention. The group explains that the transaction would enable Italgas – advised on this deal by Rothschild and SocGen – to assume a significant industrial role within the partnership, through joint control of Floene.
Gallo: the deal would generate significant industrial value
“The transaction would generate significant industrial value, delivering benefits for customers, local communities and all stakeholders, whilst fostering the long-term development of the gas distribution sector in Portugal,” commented Paolo Gallo, CEO of Italgas. “ “Thanks to the acquisition, it would in fact be possible to combine Floene’s deeply rooted local presence with Italgas’s proven expertise in network digitalisation, innovation and operational efficiency.”
A deal worth around 120 million euros
The equity value of the transaction is approximately 120 million euros. The actual completion of the transaction is subject to the fulfilment of certain conditions, as is always the case with this type of deal, including obtaining the necessary authorisations from the relevant authorities.
