2i Rete Gas S.p.A.
NOTICE TO THE HOLDERS OF THE
€362,793,000 1.75 per cent. Notes due 16 July 2019 (ISIN XS1088274169)
€600,000,000 3.00 per cent. Notes due 16 July 2024 (ISIN XS1088274672)
€267,100,000 1.125 per cent. Notes due 2 January 2020 (ISIN XS1144492532)
€435,000,000 1.75 per cent. Notes due 28 August 2026 (ISIN XS1571982468)
issued under the
Euro Medium Term Note Programme
2i Rete Gas acquires the distribution assets of Gas Natural in Italy (223 concessions, 460 thousand customers, and a 7,300 km network), bolstering its presence in Central and Southern Italy
Milan, 13 October 2017 - Today, 2i Rete Gas SpA, a leading natural gas distributor in Italy serving approximately 4 million customers across a network of over 58,000 km and approximately 2,000 concessions, finalised an agreement with Gas Natural Fenosa to acquire 100% of Nedgia SpA and Gas Natural Italia SpA, companies operating in the gas distribution and service sectors, following a tender that the Spanish group issued after deciding to dispose of all its Italian assets.
With this deal, 2i Rete Gas strengthens its footprint in Central and Southern Italy as well as its position as a key player in a few regions - such as Sicily - where the 2iRG Group currently has a negligible presence. The complementarity of the areas of operation will allow to achieve significant synergies as well as economies of scale and density, while enhancing the value of target companies' resources.
The transaction is in line with the 2i Rete Gas strategy to foster growth through assets integration (the former Italian gas distribution network of the German group EON; the former network of the French group Engie; and Enel's gas distribution network). The Group has been constantly seeking to ensure a high-quality service, improved safety standards, and high levels of technological innovation and cost-effective operations.
This additional acquisition will allow 2i Rete Gas, owned by F2i and Ardian, to have a stronger presence in new geographies across Italy ahead of the coming ATEM (minimum territorial area) tenders, expanding the number of areas where it will be able to bid for concessions.
The acquired assets include 223 concessions with nearly 460 thousand customers and an approximately 7,300 kilometres distribution network.
In 2016, Nedgia SpA reported more than 96 million euro in revenues and approximately 64 million euro in EBITDA.
2i Rete Gas ended 2016 with 723 million euro in consolidated revenues, 391 million euro in adjusted EBITDA, and 126 million in adjusted net profit for the year. The 727 million euro acquisition (Enterprise Value) is expected to close between December this year and March 2018 and it is subject to the approval of antitrust authorities.
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS