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Finance

Italgas eyes closing of 2i Rete Gas deal by early April

Published by Global Banking and Finance Review

Posted on February 12, 2025

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MILAN (Reuters) -Europe's biggest gas distributor Italgas is aiming to complete its acquisition of domestic rival 2i Rete Gas by the end of March or the beginning of April, its CEO Paolo Gallo said on Wednesday.

The group would then launch a planned 1-billion euro capital increase to help fund the deal.

"As for the capital increase, this will take place before the summer, in any case before the end of the second quarter... if market conditions allow it," Gallo said at a post-results conference call.

The Italian group agreed in October to buy 2i Rete Gas in a 5.3-billion-euro deal that will mark a major step in the consolidation of the country's gas distribution sector.

It is still unclear which remedies could be required by the Italian antitrust authority to approve the merger.

Italgas on Wednesday reported a 14% annual rise in its 2024 adjusted core earnings and increased its dividend to 0.406 euros per share.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 1.35 billion euros ($1.4 billion), as higher gas distribution revenue and positive contribution from the water business offset a fall in the energy efficiency sector.

The group will publish its financial guidance for this year when it releases the first-quarter results, Gallo said.

($1 = 0.9633 euros)

(Reporting by Francesca Landini, editing by Alvise Armellini and Keith Weir)