The sale procedure for DEPA Infrastructure, acquired by Italgas, Italy’s biggest natural gas distribution company and the third largest in Europe, is now nearing completion, with its sales and purchase agreement expected to be signed within the next few days.
The agreement was forwarded to the inspection committee on October 26 and approved a fortnight later. Once the SPA is signed all financial aspects of the agreement are expected to be completed by early 2022 as Italgas will need to be certified by RAE, Greece’s Regulatory Authority for Energy, and receive necessary approvals from the competition committee.
Italgas emerged as the winning bidder in a tender offering 100 percent of DEPA Infrastructure with an offer that exceeded the most optimistic of expectations to reach 733 million euros.
The 100 percent privatization of DEPA Infrastructure comprises 100 percent of gas distributor EDA Attiki, covering the wider Athens area; 100 percent of gas distributor DEDA, representing all other areas in Greece except for Thessaloniki and Thessaly; as well as a 51 percent stake in gas distributor EDA THESS, covering the Thessaloniki and Thessaly areas.
Italgas has announced, as part of its strategic plan for 2021 to 2027, an investment plan totaling 7.5 billion euros, the aim being to reinforce the natural gas distribution network’s strategic role in the decarbonization procedure.
Italgas, whose roots stretch back 180 years, operates 70,000 kilometers of distribution networks in Italy, servicing over 1,800 municipalities.