AXA Private Equity and Fondi Italiani per le Infrastrutture SGR SpA (F2i) have acquired E.ON Rete, a unit of E.ON Italia Spa for 290 million Euros (US$380 million), including debt. E.ON Rete is a natural gas distributor in Italy. F2i will get a 75% stake while AXA Private Equity will have 25%. The deal is expected to close in first quarter.
A sale agreement between E.ON Italia (E.ON Group) and F2i
– Fondi Italiani per le Infrastrutture SGR SpA and AXA Private Equity, the leading
European diversified private equity firm, to transfer 100% of the capital of E.ON Rete Srl, a
fully-owned company of E.ON Italia SpA, has been signed in Milan.
E.ON Rete is a fully-owned subsidiary of E.ON Italia Spa and operates in the natural gas
distribution in Italy. E.ON Rete supplies about 600,000 gas delivery points located in
around 300 municipalities (predominantly in the northern-central regions). 2010 expected
Revenues and EBITDA are respectively EUR 94 million and 40 million.
The consideration for the sale of 100% of E.ON Rete’s capital is stipulated as a base value
(inclusive of net debt) of EUR 290 million (the enterprise value). The deal represents a net
cash consideration of EUR 255 million.
The sale is subject to antitrust approval. F2i and AXA Private Equity expect to close the
transaction by the end of the first quarter of 2011.
F2i and AXA Private Equity are taking part to the acquisition with 75% and 25% stake
The acquisition will be financed by credit lines granted by Banca IMI, Crédit Agricole CIB,
HSBC Bank plc, Santander, Société Générale and UniCredit.
F2i and AXA Private Equity were assisted by Banca Leonardo, HSBC Bank plc, Banca IMI
and UniCredit as financial advisors, and by the law firms Gianni, Origoni, Grippo &
Partners and Ashurst.
This new deal, that arrives a year after the acquisition of Enel Rete Gas, shows F2i and
AXA Private Equity’s commitment to follow the strategy focused on developing the
distribution’s network of energy and systems (networks) both in Italy and Europe. After the
acquisition, F2i and AXA Private Equity could count on a increased presence on gas
distribution industry, with more than 2,7 million clients and with a market share of 15,8%.