Italgas’ DEPA Infrastructure deal to be finalized late March

The sale of gas company DEPA Infrastructure, acquired by Italgas, Italy’s biggest natural gas distribution company and the third largest in Europe, is expected to be completed in the first quarter of the year, energypress sources closely monitoring the procedure have informed.

Final sale procedures will have been completed towards the end of March, enabling Italgas to make its payment, an amount of 733 million euros, the sources noted.

The competition committee needs to approve the sales and purchase agreement, signed between the buyer and two sellers, privatization fund TAIPED and Hellenic Petroleum ELPE, on December 10, 2021.

RAE, Greece’s Regulatory Authority for Energy, also needs to issue necessary certification for the acquisition, but the competition committee’s approval is a prerequisite for this stage.

The acquisition will be fully completed once Italgas also purchases purchase gas distributor EDA THESS’s 49 percent stake held by Italy’s Eni gas e Luce, wanting to sell. This follow-up purchase of the EDA THESS stake has been set as a condition for Italgas, the winning bidder.

DEPA Infrastructure, EDA THESS’s parent company, holds a 51 percent stake in the gas distributor covering the Thessaloniki and Thessaly areas, while Eni gas e Luce, holds 49 percent.

The overall sum expected to be spent by Italgas for DEPA Infrastructure and EDA THESS’s 49 percent stake is expected to reach 940 million euros.

Then, Copelouzos group subsidiary Faethon is expected to enter DEPA Infrastructure with a stake seen ranging between 10 and 20 percent

Italgas and the Copelouzos group had reached a related agreement on this minority-stake arrangement prior to the DEPA Infrastructure tender.