Snam Secures Key Stake in Open Grid Europe
Deal News | Apr 10, 2025 | Legal Community Italy
In a strategic move within the energy infrastructure sector, Snam, a major European energy operator, has announced the acquisition of a 24.99% stake in Vier Gas Holding (VGH) from Infinity Investments, a vehicle controlled by the Abu Dhabi Investment Authority. VGH indirectly owns Open Grid Europe (OGE), Germany’s largest independent gas transporter. The deal, valuing the acquired stake at €920 million, is subject to antitrust approvals, foreign investment authorizations, and non-exercise of pre-emptive rights by other shareholders. The transaction is expected to close by Q3 2025. Snam also entered a share purchase agreement with Belgian operator Fluxys, agreeing to sell approximately 0.5% of VGH's share capital, allowing both firms to maintain equal stakes in VGH. The international law firm White & Case LLP advised Snam on the transaction, with a multi-city team led by partners across Düsseldorf, Berlin, London, and Milan.
Sectors
- Energy Infrastructure
- Legal Services
Geography
- Germany – Open Grid Europe, the target company, operates as the largest independent gas transporter in Germany.
- Italy – Snam, the acquiring company, is headquartered in Italy.
- Luxembourg – Vier Gas Holding, the company of which a stake is being acquired, is located in Luxembourg.
Industry
- Energy Infrastructure – The acquisition involves key players in the energy sector, focusing on infrastructure, gas transportation, and consolidation within the European energy market.
- Legal Services – The article highlights the role of White & Case, an international law firm, in advising Snam during this significant transaction.
Financials
- €920,000,000 – Equity value of the 24.99% stake in Vier Gas Holding acquired by Snam.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Snam | Acquiring Company | Company | A major European operator in the energy infrastructure sector from Italy. |
| Infinity Investments | Selling Company | Investment Vehicle | An investment vehicle fully owned by Abu Dhabi Investment Authority. |
| Vier Gas Holding S. r.l. (VGH) | Target Company | Company | A Luxembourg-based company that indirectly owns Open Grid Europe. |
| Open Grid Europe (OGE) | Target's Asset | Company | Germany's largest independent gas transporter. |
| Fluxys | Joint Shareholder | Company | A Belgian energy company and current shareholder in VGH. |
| White & Case LLP | Legal Advisor | Company | International law firm advising Snam in the transaction. |