Italgas Bolsters Portfolio with Strategic Acquisition of 2i Rete Gas
Deal News | Apr 02, 2025 | Legal Community Italy
In a significant transaction within the utility sector, Italgas has completed the acquisition of 2i Rete Gas from F2i and Finavias, with the latter being part-owned by APG Asset Management and funds managed by Ardian. The acquisition valued at €2.06 billion as of December 31, 2023, consolidates Italgas's position in the gas distribution sector. The deal saw an impressive gathering of legal teams. Legance and Foglia & Partners advised Italgas, providing multifaceted legal support spanning corporate, banking, and regulatory issues. Meanwhile, Cleary Gottlieb, Chiomenti, and Di Tanno Associati represented the sellers, ensuring comprehensive coverage of corporate, antitrust, and tax due diligence aspects. In conjunction with vendor assistance, consulting firms such as AON Italia and Milbank LLP were also involved, providing insurance brokerage and financing advisory, respectively. The transaction highlights the intricate legal structuring needed in high-value mergers and acquisitions within the utilities sector, showcasing substantial legal and financial collaboration.
Sectors
- Utilities
- Legal Services
Geography
- Italy – This transaction involves Italian companies and law firms, and the operations are within the Italian market, making Italy the primary geographic focus.
Industry
- Utilities – The industry is relevant because Italgas and 2i Rete Gas operate in the gas distribution sector, making the Utilities classification pertinent to this transaction.
- Legal Services – Numerous legal firms were involved in advising both the buyer and sellers, illustrating the importance of legal expertise in M&A activities.
Financials
- €2.06 billion – Equity value of 2i Rete Gas as recognized in the acquisition by Italgas, effective December 31, 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Italgas | Acquirer | Company | An Italian company specializing in gas distribution services, and the acquirer in this transaction. |
| 2i Rete Gas | Target Company | Company | An Italian gas distribution company, acquired by Italgas in this deal. |
| F2i | Seller | Company | An Italian infrastructure investment group, co-selling 2i Rete Gas along with Finavias. |
| Finavias | Seller | Company | A vehicle part-owned by APG Asset Management and funds managed by Ardian, co-selling 2i Rete Gas. |
| Legance | Legal Advisor | Company | Provided comprehensive legal services to Italgas, including corporate, banking, and regulatory advice. |
| Foglia & Partners | Legal Advisor | Company | Supported Italgas on fiscal aspects of the transaction. |
| Cleary Gottlieb | Legal Advisor | Company | Advised sellers F2i and Finavias, handling corporate and antitrust matters. |
| Chiomenti | Legal Advisor | Company | Assisted Finavias with corporate and antitrust issues in the deal. |
| Di Tanno Associati | Tax Advisor | Company | Provided tax advisory services for F2i and Finavias, including vendor due diligence. |
| AON Italia | Insurance Broker | Company | Assisted Italgas with insurance brokerage for the transaction. |
| Milbank LLP | Financial Advisor | Company | Advised the pool of banks financing Italgas for the acquisition. |
| APG Asset Management | Investor | Company | Part-owner of Finavias, involved in the sale of 2i Rete Gas. |
| Ardian | Fund Manager | Company | Funds managed by Ardian were part of Finavias, a seller in the transaction. |