Italgas agrees to buy 22.5% of Portugal's Floene

By Reuters News

- 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.

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk