Today Medea, a company of the Italgas Group active in the distribution of gas in Sardinia, signed an investment agreement with Energetica for the entry into the capital of Energie Rete Gas. Energie Rete Gas is the gas transport company of the Energetica group and controls approximately 142 km of regional methane pipelines.
The entry into the share capital of Energie Rete Gas takes place as a result of a mixed transfer and sale operation of a company branch which includes the assets and activities managed by Medea in the gas transport sector on the island.
The enterprise value attributed to the business unit transferred by Medea is equal to 53 million euros, against a 49% stake in the capital of Energie Rete Gas and a monetary consideration of 30 million euros.
These assets mainly comprise 63 cryogenic liquefied natural gas (LNG) deposits for a total capacity of 2,350 cubic meters of LNG and related equipment serving the distribution networks operating in the concession Basins.
The closing of the transaction will take place upon the occurrence of certain conditions precedent, including the successful completion of the notification procedure pursuant to Legislative Decree 21/2012 and Prime Ministerial Decree 179/2020 (Golden Power) and the completion of the loan agreements with a pool of banks by Energie Rete Gas.