Snam has signed a binding agreement to acquire 100% of Edison Stoccaggio from Edison for an amount of approximately €560 million. The agreement also envisages an earn-out that may be paid by Snam to Edison in the event of a positive outcome to the ongoing administrative dispute concerning the revenues recognised in recent years for the activities of San Potito e Cotignola site in Italy. The transaction is expected to be finalised by the first quarter of 2025, upon obtaining the necessary authorisations under the applicable antitrust and golden power regulations.
Stefano Venier, Snam CEO, says: ‘Storage facilities play a key role in the security of the Italian and European gas system. This transaction will strengthen Snam’s industrial set-up in the sector by integrating the assets within our management model, to the benefit of the country’s system’s energy resilience.’
Once the transaction is finalised, the Snam Group’s total gas storage capacity will be approximately 18 billion m3, corresponding to more than 17% of the entire European gas storage capacity, including the strategic reserve of 4.5 billion m3.
