Snam/Italgas demerger and Borsa Italiana IPO

Overview:

• Snam has demerged Italgas, with the latter set to list shares on the Borsa Italiana.
• The deal sees Snam transfer its entire shareholding of Italgas Reti to Italgas.
• The deal assigns Italgas a shareholding of 52.90% of Snam's shareholding in Italgas Reti and consequently allocates to Snam shareholders 86.50% of the capital of Italgas.
• Italgas is an Italian gas distributor.
• Snam is undertaking the deal in order to raise funds for international expansion including the acquisition of a stake in the Trans-Adriatic Pipeline (TAP) project.
• CDP Reti is Snam’s biggest shareholder with 59.1% owned by Cassa Depositi e Prestiti (CDP), 35% by State Grid Corporation and 5.9% by Italian institutional investors.

Sam Duke - Editor