Edison finalizes 565 million euro sale of Edison Stoccaggio to Snam

Edison has finalized the sale of its subsidiary, Edison Stoccaggio, to Snam for 565 million euros. The transaction, initially announced in July 2024, allows Edison to unlock the asset's value and utilize the proceeds for its energy transition strategies and customer base expansion. Additionally, the agreement includes an earn-out clause contingent on a favorable administrative ruling concerning past revenues from the San Potito and Cotignola site activities. Throughout this process, Snam was advised by Rothschild & Co and SocGen, while Edison was advised by Lazard and Intesa Sanpaolo's IMI Corporate & Investment Banking division. Edison Stoccaggio operates three gas storage facilities with a total capacity of roughly 1 billion cubic meters annually. Post-operation, the workforce of Edison Stoccaggio will transfer to Snam, which remains committed to upholding the employment levels and existing conditions. This move supports Edison's strategic goal to ensure that 70% of its EBITDA comes from renewable activities by 2030. Furthermore, Edison intends to invest approximately 10 billion euros from 2023 to 2030, with a significant portion aligned with the UN's Sustainable Development Goals, to transform its business portfolio and drive EBITDA growth.