The operation through which Medea (51.85% Italgas Reti and 48.15% Marguerite Gas III) enters the share capital of Energie Rete Gas (Energetica Group) was completed today.
Medea is the Italgas Group company that operates in the construction and management of gas distribution networks in Sardinia; Energie Rete Gas is a company active in the transport of gas with approximately 142 kilometers of regional methane pipelines in operation in Italy.
The operation is carried out through the contribution to Energie Rete Gas Srl of Medea’s assets and activities relating to gas transportation: 63 cryogenic liquefied natural gas (LNG) plants, for a total capacity of 2,350 cubic meters of LNG, and related equipment serving the distribution networks active in the Municipalities under concession to Medea.
The enterprise value of the transfer is equal to 53 million euros, against which Medea received a stake in Energie Rete Gas equal to 49% of the share capital and an amount of 30 million.
In the context of the operation, Energie Rete Gas and a pool of banks have signed a loan agreement, the proceeds of which will enable the company to be strengthened and give further impetus to regional gas transport.
The transaction will also allow Medea to rationalize the management of its activities by separating, also from a corporate point of view, the natural gas transportation and distribution activities.