Italgas Near Accord on €5 Billion Deal for Rival 2i Rete Gas
- Deal would create top Europe gas distribution network operator
- Italgas would control over 50% of Italian market post-deal
Italy’s Italgas SpA is nearing an agreement on a proposed €5 billion ($5.5 billion) deal to buy its largest domestic competitor, in a deal that would transform it into Europe’s biggest gas distribution network operator.
Italgas is expected to seal the accord — whose total value includes debt — with 2i Rete Gas in the coming days, according to people familiar with the matter, who asked not be named as the matter is private. Negotiations are ongoing and could still be delayed or fail to conclude with a deal, they said.