Eni Sells Stake in Algeria-Italy Gas Pipelines to Snam
November 29 2021 - 2:28AM
Dow Jones News
By Olivia Bugault
ENI SpA agreed to sell a 49.9% stake in subsidiaries operating
gas pipelines between Algeria and Italy to energy infrastructure
company Snam SpA for a consideration of 385 million euros ($435.7
million).
The deal includes the onshore gas pipelines running from the
Algeria and Tunisia borders to the coast of Tunisia, and the
offshore gas pipelines connecting the Tunisian coast to Italy, Eni
said Saturday.
Under the agreement between the two Italian companies, "Eni will
contribute its entire ownership interests in the two pipelines to a
newly incorporated Italian company (NewCo) in which Eni will
continue to hold a 50.1% stake, whereas the remaining 49.9% will be
sold to Snam," the Italian oil-and-gas company said.
The deal should be closed by the third quarter of 2022, subject
to conditions such as the authorization of the Tunisian government
and consent from shareholders, it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
November 29, 2021 02:13 ET (07:13 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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