Gas Natural Fenosa in $1.2 bln Italian assets sale

Gas Natural Fenosa in $1.2 bln Italian assets sale

Spanish LNG operator Gas Natural Fenosa closed the sale of its Italian companies and assets in two separate deals with 2i Rete Gas and Edison, totaling €1.02 billion ($1.2 billion).

The closing of operations, which is anticipated to take place between December 2017 and March 2018, is subject to the corresponding approval by the competition authorities, GNF said.

2i Rete Gas will acquire 100 percent of Nedgia, GNF’s natural gas distribution company in Italy, and is also buying Gas Natural Italia, the company that groups all of Gas Natural Fenosa’s corporate activities in that country for €727 million.

Also, in a separate agreement, Edison is acquiring 100 percent of Gas Natural Vendita Italia, the gas and electricity marketing company for Gas Natural Fenosa in Italy, as well as the gas supply contract of 11 TWh/year, starting in 2020 in a deal valued €293 million.

After the operation closes, Gas Natural Italia will continue to provide corporate services to Nedgia as well as Gas Natural Vendita.

The decision to sell its companies and assets in Italy comes following a review of its businesses and its position in Italy, after taking into account the new legal framework relevant to obtaining the distribution authorizations.

1 EUR = 1.17653 USD

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