MILAN, Feb. 19 (Class Editori) - The going to acquire Depa Infrastructure is getting tougher; it is the Greek operator which manages the gas transmission networks and is currently controlled by the Greek government, which has started the full privatization of the infrastructure. The deadlines to submit the non-binding offers have been postponed to February 21, compared to the initially forecasted February 14, easing an increase in the number of the possible buyers of the asset, whose annual yield (WACC) is amounting at 8.5%, to which a 1.5% premium has to be added.
According to sources of MF-Milano Finanza, alongside Italgas, Energean, Reganosa and KKR and Blackstone funds (in partnership with Macquarie) also SNAM could evaluate the dossier. The group led by the CEO Marco Alverà seems to be a natural candidate, also because of its presence in Greece thanks to Desfa; if it decided to participate, it is possible that it would do it in a joint effort with other players. From a theoretical point of view, a partnership with Enagas and Fluxys (both Desfa’s partners) cannot be excluded, even if the possibility of an axis with Italgas is taking shape among the insiders. This kind of solution would have an industrial meaning, in particular if a division of the assets which are currently owned by Depa Infrastracture would be taken into account. Alongside the gas transmission, which is of interest of Italgas, the package provides for right and obligations of Depa to develop, design and implement projects of distribution grid infrastructures, included the projects of compressed natural gas (CNG) or liquefied natural gas (LNG) on the small scale.
(Source:Class Editori)
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