Cassa depositi e prestiti Spa (CDP) and CDP RETI Spa announce that the transfer from CDP to CDP RETI of the stakes in Snam S.p.A. (1.12%) and Italgas S.p.A. (0.97%) will be completed on 19 May 2017.
CDP became the holder of the above mentioned stakes as a result of the merger by incorporation of CDP GAS S.r.l. (a company formerly 100% controlled by CDP). The transaction was announced on 12 April 2017.
On the basis of the agreements reached between the two companies, the aggregate purchase price for the transaction was determined in the amount of 187.6 million euros, of which 155.9 million euros for the transfer of the 1.12% stake in Snam and 31.7 million euros for the transfer of the 0.97% stake in Italgas. The price was calculated on the basis of the average of the official stock market prices of Snam and Italgas shares in the ninety calendar days preceding today’s date.
In connection with the transaction, a new financing package will be provided to CDP RETI for an overall amount equal to the aggregate purchase price of the transaction (45% of which provided by CDP and the remaining 55% by a pool of third party banks).