2i Rete Gas Sold to Italgas by F2i and Finavias
Deal News | Apr 01, 2025 | Finance Community IT - 3 Private Equity
F2i and Finavias have completed the sale of their entire stake in 2i Rete Gas to Italgas. The deal, previously announced in October, sees F2i divesting its 63.9% ownership and Finavias, a company controlled by APG Asset Management and funds managed by Ardian, selling its 36.1% share. Financial advisors for the sellers included BNP Paribas, UniCredit, and Mediobanca, with legal and tax advisory from firms like Cleary Gottlieb Steen & Hamilton, Studio Di Tanno, and Chiomenti. Italgas received financial advice from JPMorgan, which also managed the financing.
Sectors
- Energy & Utilities
- Financial Services
- Legal & Advisory
Geography
- Italy – The transaction involves Italgas, F2i, Finavias, and several advisory firms operating within Italy.
Industry
- Energy & Utilities – 2i Rete Gas operates in the distribution of gas, making this relevant to the energy and utilities sector.
- Financial Services – The involvement of multiple financial advisors and banks such as BNP Paribas, UniCredit, and Mediobanca positions this transaction within the financial services industry.
- Legal & Advisory – Numerous legal and advisory firms were involved in this transaction, highlighting the importance of the legal and advisory industry in M&A activities.
Financials
- 63.9% – The stake of 2i Rete Gas held by F2i.
- 36.1% – The stake of 2i Rete Gas held by Finavias.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| 2i Rete Gas | Target Company | Company | A company engaged in the distribution of gas. |
| F2i | Selling Company | Company | A major shareholder of 2i Rete Gas, holding 63.9%. |
| Finavias | Selling Company | Company | Shareholder of 2i Rete Gas with a 36.1% stake, controlled by APG Asset Management and Ardian-managed funds. |
| Italgas | Bidding Company | Company | The acquirer of 2i Rete Gas. |
| Intesa Sanpaolo | Financial Advisor | Company | Assisted F2i in the transaction through its IMI Corporate & Investment Banking division. |
| Cleary Gottlieb Steen & Hamilton | Legal Advisor | Company | Provided legal advisory services to F2i and Finavias. |
| Studio Di Tanno | Tax Advisor | Company | Provided tax advisory services. |
| Chiomenti | Legal Advisor | Company | Provided legal advisory services to Finavias. |
| BNP Paribas | Financial Advisor | Company | Acted as a financial advisor to F2i and Finavias. |
| UniCredit | Financial Advisor | Company | Provided financial advisory services, with a team specialized in M&A and energy. |
| Mediobanca | Financial Advisor | Company | Acted as a financial advisor for the sellers of 2i Rete Gas. |
| Rothschild & Co | Advisor | Company | Advised Finavias on financial aspects and equity capital markets. |
| JPMorgan | Financial Advisor | Company | Sole financial advisor to Italgas and managed the transaction financing. |