21/12/2010
Axa PE and F2i SGR acquire Italian gas network of Germany's E.ON
p { margin-bottom: 0.08in; } The largest German energy company, E.ON, on 20 December announced that it has sold its gas network in Italy to two funds, the Italian F2i SGR and the French Axa Private Equity, stating that the sale brought in EUR255m in cash. The value of the network sold is estimated at about EUR290m, E.ON says in a statement. The network, known as E.ON Rete, has a total length of 9,100 kilometres, and provides gas to 600,000 clients. It is based in Verona and deployed largely in northern Italy, and has about 300 employees. “Our gas distribution network in Italy is relatively small, and subject to severe regulatory conditions. We have nearly no opportunities to exploit economies of scale or synergies with other E.ON activities in Italy. For these reasons, we decided to sell it,” Bernhard Reutersberg, a board member at E.On, cited in the statement, explains.
