Snam Advances with 24.99% Stake Acquisition in Open Grid Europe
Deal News | Apr 10, 2025 | White & Case
Global law firm White & Case LLP has advised Italian energy infrastructure operator Snam in a significant acquisition deal. Snam is set to acquire a 24.99 percent equity stake in Luxembourg-based Vier Gas Holding S. r.l. (VGH) from Infinity Investments, valued at an equity sum of €920 million. The deal advances Snam’s strategic interests in Europe's energy infrastructure by potentially expanding control over Open Grid Europe (OGE), Germany's largest independent gas network operator. The acquisition's completion is expected by the third quarter of 2025, pending conditions such as merger control and foreign direct investment clearances, along with existing pre-emption rights of current shareholders. Concurrently, Snam outlines a related agreement with Belgian transmission system operator Fluxys to equalize their stakes in VGH, reinforcing a collaborative framework between the two companies. Infinity Investments is fully owned by the Abu Dhabi Investment Authority, reflecting the involvement of substantial Middle Eastern financial interests in European energy infrastructure. White & Case’s extensive legal team, spread across various European hubs, provides comprehensive advisory support alongside Snam's in-house legal counsel.
Sectors
- Energy Infrastructure
- Legal Services
- Investment Management
Geography
- Italy – Snam, the acquiring company, is headquartered in Italy, influencing European energy market dynamics.
- Germany – The target company, Open Grid Europe, is the largest independent gas network operator in Germany.
- Luxembourg – Vier Gas Holding S. r.l., the company holding indirect ownership in Open Grid Europe, is based in Luxembourg.
- United Arab Emirates – Infinity Investments, the selling party, is wholly owned by the Abu Dhabi Investment Authority, representing UAE interests.
Industry
- Energy Infrastructure – The main focus is on acquisition activities in the energy sector, specifically concerning gas network operations.
- Legal Services – The article details the advisory role of the global law firm White & Case in facilitating the acquisition.
- Investment Management – The involvement of Infinity Investments, owned by the Abu Dhabi Investment Authority, highlights aspects of strategic equities investments in global infrastructure.
Financials
- €920 million – The equity value of Snam's acquisition of a 24.99% stake in Vier Gas Holding S. r.l.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Snam | Acquirer | Company | An Italian energy infrastructure operator focusing on gas transportation and management. |
| Vier Gas Holding S. r.l. | Target | Company | The entity through which indirect ownership of Open Grid Europe is held. |
| Infinity Investments | Vendor | Company | An investment vehicle owned by the Abu Dhabi Investment Authority, involved in selling the stake in VGH. |
| Fluxys | Collaborator | Company | A Belgian transmission system operator and current shareholder in VGH, working with Snam on related agreements. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising Snam on the acquisition deal. |