Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Edison executes a transaction involving a high-pressure gas pipeline of about 1,300 kilometers. The buyer is an Italian private equity fund managed by Clessidra Sgr.
Milan, September 07, 2004 - Edison completed today the sale of its gas transmission operations to an Italian private equity fund managed by Clessidra Sgr. Edison transferred 100% of Edison T&S and 83.34% of its SGM subsidiary to the buyer.
The consideration of €168.5 million, which was paid in cash, includes the price of the shares and the repayment of intra-Group indebtedness.
Counting the deconsolidation of external debt, this transaction, which generated a net capital gain of about €30 million, improves Edison’s net financial position by about €190 million.
As was mentioned in the August 2, 2004 press release, the buyer and Edison signed a service contract.
Edison has the option of acquiring between 10% and 20% of the company that the Clessidra fund established as a vehicle for this transaction.
The gas transmission network that Edison sold consists of about 1,300 kilometers of high-pressure gas pipelines. It includes: the “Cellino” network in the Marche, Abruzzo and Latium regions; the Collalto gas pipeline in the Veneto region; the Garaguso network in the Basilicata region; the Cirò network in the Calabria region; the Comiso network in Sicily; and the SGM network, which connects the regions of Latium and Puglia and crosses the Molise and Campania regions.
