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10:15 23 November
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Italy’s Edison to purchase Azerbaijani gas

Italy’s Edison and Gas Natural Fenosa have signed a binding agreement for the acquisition by Edison of Gas Natural Vendita Italia and of Azerbaijan’s Shah Deniz II gas contract, said the message posted on Edison’s website.

The total consideration payable is €30 million for the gas supply contract, of which a down payment of €10 million and an earn-out of €20 million, payable starting from 2021 subject to the first delivery of gas to Italy through the TAP pipeline.

 

Edison will acquire 100 percent of Gas Natural Vendita Italia (GNVI), the company owned by Gas Natural Fenosa, which commercializes natural gas and electricity across Italy. The purchase price is 192.8 million euros corresponding to an enterprise value of 263 million euros after debt repayment and provision.
 

According to 25-year agreements signed with "Gas Natural Fenosa", "Shell", "Bulgargaz", DEPA , "eON", "Gaz de France", "Hera", "Enel", "Axpo", the parties will acquire 10 bcm of Shahdeniz II gas.

 

Realization of Shahdeniz II project will increase annual production from 9 bcm to 25 bcm. 

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