Italgas completes 100% acquisition of Public Gas Corporation

Italgas completed the acquisition of DEPA Infrastructure SA, Greece’s leading natural gas distribution operator, in Athens on Thursday following an international tender and after acquiring 100% of the company from Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum (HELPE).

The transaction closing took place in the presence of Ministers of Finance Christos Staikouras, Development & Infrastructure Adonis Georgiadis, and Environment and Energy Kostas Skrekas and Italian Ambassador Patrizia Falcinelli. It was signed by Italgas CEO Paolo Gallo, Sole Director of the vehicle company Italgas Newco Pier Lorenzo Dell’Orco, HRADF CEO Dimitris Politis, HELPE General Manager of Strategic Planning and Group Development George Alexopoulos, and HELPE Group General Counsel John Apsouris.
Italgas CEO Paolo Gallo said that Italgas will “put our experience and our technological know-how at the disposal of the country to build an infrastructure of excellence and with it contribute to achieving the coal and lignite phase-out targets set by the government, in line with those of the EU.” Within the European context, he noted, Greece and Italy can “become the benchmark for the strategic role of smart, digital and flexible gas networks fostering the energy transition.

Dimitris Politis, CEO of HRADF, noted that “the completion of the sale of DEPA Infrastructure to Italgas Group is one of the most important asset development projects carried out by HRADF, with significant benefits for the Greek economy and the Greek citizens.”

Finance Minister Christos Staikouras said the completion of the acquisition signalled the international investors community’s confidence in the prosepects of the Greek economy and will inspire new investments, while Energy Minister Skrekas underlined the role of Greece in becoming a key energy hub in the region.

The transaction was finalized following the fulfilment of the conditions precedent set forth in the Sales and Purchase Agreement and was financed by Italgas through committed lines of credit.

DEPA Infrastructure currently holds 51% of Thessaloniki -Thessalia Gas Distribution S.A. (EDA Thess), 100% of Attiki Natural Gas Distribution Single Member Company S.A. (EDA Attikis) and 100% of Public Gas Distribution Networks S.A. (DEDA), the three main gas distribution operators in Greece, which together manage approximately 7,500 kilometers of network and about 600,000 redelivery points.

Italgas is the leading operator in Italy in the distribution of natural gas and the third in Europe. It manages a distribution network that extends a total of approximately 75,000 kilometers through which, during the last year, it distributed approximately 9 billion cubic meters of natural gas to 7.8 million customers. The Group holds 1,899 concessions, with a historical presence in major Italian cities including Turin, Venice, Florence, and Rome.
The Italgas Strategic Plan 2022-2028, presented to the market on 15 June, envisages a total of 1.8 billion euros in investments allocated to the acquisition of DEPA Infrastructure, its consolidation, and the execution of development programs with particular attention to the digitalization of networks, renewable gases such as biomethane and hydrogen and, more generally, the consistency with the decarbonization objectives set by the Greek government and EU targets.

SOURCE; ANA-MPA