Edison completes the acquisition of Gas Natural Vendita Italia and increases its customer base by 50%

Milan, February 22, 2018 - Edison has acquired Gas Natural Vendita Italia (GNVI) and strengthened its position in the domestic market, increasing its customer base by 50% and expanding its presence throughout the country. GNVI’s portfolio is located primarily in Southern Italy and the majority consists of gas customers that are reliable payers and have a high degree of loyalty. With this transaction, Edison is strengthening its position as a key national energy operator in the retail sector and reaching a volume of customers that allows it to play a leading role in market consolidation. The price paid to acquire the company is 195.3 million euros1.

"We are very pleased that we have completed this transaction, which has an important strategic value for us. - affirmed Marc Benayoun, Edison’s Chief Executive Officer - We are making a significant step forward in the retail sector by acquiring a company that guarantees high service levels to customers thanks to its widespread presence, particularly in Puglia, Calabria and Sicily. Thanks to this transaction, Edison has reached a significant critical mass and is reinforcing its role as a national energy operator”.

GNVI’s customer portfolio consists of around 420,000 residential customers (the majority of whom are in the so called “Regime di Maggior Tutela”) and 15,000 small and medium enterprises, equivalent to a total volume of 3.3 TWh gas sold. GNVI also sells electricity to around 53,000 retail customers and small and medium enterprises. In 2017 GNVI also sold roughly 7.3 TWh of gas to industrial clients and on the wholesale market.

In addition, GNVI also works in the gas boiler maintenance sector through Servigas, currently serving more than 90,000 residential customers. Lastly, Gas Natural Vendita Italia is active in the compressed natural gas sector for transport.

On February 6 of this year, the European Commission approved Edison’s acquisition of Gas Natural Vendita Italia, considering it compatible with the common market from an antitrust perspective. The closing of the GNVI acquisition makes allows the preparatory activities for the transfer from Gas Natural Fenosa to Edison of the contract for gas supply from the Shah Deniz II field in Azerbaijan, which will further diversify gas supplies to Italy.

***

Public disclosure requirements under CONSOB Resolution no. 11971 of 14 May 1999, as amended

1 This value takes into account interest accrued

Document download
CONTACTS

Press Office

Elena Distaso

Telephone: +39 02 62228522
Mobile: +39 338 2500609

Email: elena.distaso@edison.it

Lorenzo Matucci

Telephone: +39 02 62227806
Mobile: +39 337 1500332

Email: lorenzo.matucci@edison.it

Davide Calvi

Telephone: +39 02 62227834
Mobile: +39 337 1108265

Email: davide.calvi@edison.it

 

Lucia Caltagirone

Telephone: +39 02 62228283
Mobile: +39 331 6283718

Email: lucia.caltagirone@edison.it

CONTACTS

Investor Relations