The total valuation of the portfolio covered by the agreement has been set at €13 million. With this operation, the cooperative aims to anticipate the results envisaged in the 2016-2023 Business Plan. The agreement also establishes collaboration for the realization of the works.
Yesterday in Milan, CPL CONCORDIA signed a binding agreement with Italgas S.p.A. for the sale of a portfolio of 7 gas concessions in Southern Italy for a total of 16 municipalities.
Specifically, the agreement provides for Italgas to acquire the 3 concessions for the methanization of Barano, Lacco Ameno and Casamicciola on the island of Ischia; the concession for the methanization of the island of Procida; the concession for the methanization of the Calabria Basin 12 formed by 10 municipalities in the province of Reggio Calabria; 2 concessions for the methanization of the municipalities of Favara and Siculiana in the province of Agrigento.
The total valuation of the portfolio covered by the agreement has been set at €13 million. The completion of the transaction, subject to certain pre-closing obligations, is expected by March 2018 and the price will be paid entirely in cash net of debt.
While the sale of Ichnusa Gas, signed at the beginning of November, was included among the mandatory transactions provided for in the Debt Restructuring Agreement agreed last March with the Banking Sector, the purpose of yesterday's agreement is to anticipate the results envisaged in the 2016-2023 Business Plan and is part of a broader collaboration strategy between CPL CONCORDIA and Italgas aimed at enhancing their respective assets and skills in the construction and management of gas distribution networks and installations. This includes Italgas' willingness to make use of the Cooperative for the execution of the works related to the concessions covered by the agreements and for the supply of certain services.
