(Finance) – Medea, a Group company Italgas, 48.15% owned by the Marguerite II fund and active in the distribution of gas in Sardinia, today signed an investment agreement with Energetica for the entry into the capital of Energie Rete Gas, a gas transport company of the Energetica Group with approximately 142 kilometers of regional gas 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. These assets are made up
mainly of 63 cryogenic deposits of liquefied natural gas (LNG) for a total capacity of 2,350 cubic meters of LNG and related equipment serving the distribution networks operating in the concession Basins.
There enhancement (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.
The closing of the transaction will occur upon the occurrence of certain conditions precedent, including the successful outcome 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
of Energie Rete Gas.
The operation will favor the further acceleration of Sardinia’s methanisation process and at the same time will allow Medea to rationalize the plant equipment managed on the island by separating, also from a corporate point of view, the transport activities from
those for natural gas distribution.