Italgas agrees to buy 22.5% of Portugal's Floene

By Reuters News

MILAN, Oct 2 (Reuters) - Europe's largest gas distributor Italgas said on Friday it had agreed to acquire a 22.5% stake in Portuguese gas distribution company Floene from Japan's Marubeni 8002.T and Toho Gas 9533.T for around €120 million.

  • Floene is Portugal's leading gas distribution operator

  • The closing of the transaction is subject to conditions, including regulatory approvals.

  • "The transaction would generate significant industrial value, delivering benefits for customers, local communities and all stakeholders, while supporting the long-term development of the gas distribution sector in Portugal," Italgas CEO Paolo Gallo said in the statement.

  • Rothschild and SocGen advised Italgas on the deal.

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