AcegasAps and Italgas sign the framework agreement for the management of gas distribution activities in the North-East of Italy
Trieste, 11 December 2012 - AcegasAps and Italgas (Snam group) signed the framework agreement today for the establishment of a joint venture to manage the gas distribution activities in the territories of Padua, Pordenone, Trieste and Gorizia. The agreement is a another step forward with regards to the Memorandum of Understanding signed last April and represents a significant opportunity for both companies to develop and further strengthen their businesses in the North-East of Italy.
According to the agreement, AcegasAps and Italgas will purchase the 20% and 50% respectively of the share capital of Isontina Reti Gas, reaching a 50% stake each in the company (of which AcegasAps is already holding a 30% stake). With a Regulated Asset Base (RAB) is 48 million euro, Isontina Reti Gas operates in the gas distribution sector in Gorizia and a large part of the surrounding area, supplying approximately 60,000 customers and will be the vehicle-company on to which the assets will be conferred. The shareholder structure will consequently be modified (51% AcegasAps, 49% Italgas), as will the company’s name and brand, to reflect the geographical areas served.
The conferment will take place as follows:
- AcegasAps will confer the whole gas distribution business unit in Italy which consists of plants and concessions in 13 municipalities in the provinces of Trieste and Padua (the two regional capital cities included), supplying approximately 270,000 users , as well as of capital goods. The conferment will be made in continuity of values with respect to the accounts of the transferor. Taking into account the net capital relevant for tariff purposes, the conventional value as of 31 December 2011 attributed to the conferment is approximately € 82.8 million;
- Italgas will confer the business unit consisting of the plants and concessions of 42 municipalities in the provinces of Trieste, Pordenone and Padua, serving approximately 145,000 users. The conferment will be made in continuity of values with respect to the accounts of the transferor. Taking into account the net capital relevant for tariff purposes, the conventional value as of 31 December 2011 attributed to the conferment is approximately € 80 million.
An appropriate financial debt structure will be set up according to the final shareholder structure.
Italgas will also provide operational services by optimizing performance and carrying out economies of scale.
The conferment operations are expected to be finalised within the first quarter of 2013.
The finalising of the transaction is contingent upon receipt of clearance from the Italian Antitrust Authority as well as the completion of financing contracts covering liabilities.
The new company will be the seventh largest gas distribution player in Italy in terms of the number of customers served and will be present in 6 territories defined in the reform of the gas distribution market.
“This transaction is testament to the dynamism of the AcegasAps group and represents an important opportunity to further develop and consolidate the gas distribution activities in the North-East of the Country, building the foundations for further strategic developments in the sector�?, said Massimo Paniccia, the Chairman of AcegasAps.
“The finalising of the agreement has a great strategic value not only for both companies, but also for the local territories, as it represents a significant opportunity to benefit from increasingly efficient and productive gas distribution services�? , commented Paolo Mosa, CEO of Italgas.
Acegas-Aps, a company listed on the Milan Stock Exchange and which from 1 January 2013 will be owned by Hera SpA, is the leading multi-utility in North-East Italy. It is active in the management and distribution of water, electricity and gas, in waste collection and treatment, and in the provision of the main municipal services, such as street lighting and district heating. The Group, created in 2003 from the merger of Acegas and Aps, mainly operates in the territories of Trieste and Padua, where, in the gas distribution business, it serves approximately 270,000 customers in 13 municipalities.
Italgas is part of the Snam Group, one of the most important companies in Europe for the development and management of integrated gas infrastructures; iIt is also active in the transport, storage and regasification of natural gas. With a portfolio of more than 1,400 concessions and serving approximately 6 million customers, Italgas is the sector’s leading company in Italy in the distribution of gas in local municipalities.
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05 August 2016 - 16:19 CEST