MILAN, Oct. 16 (Class Editori) -- Italgas completes the loop in the water industry by acquiring from Veolia Environnement Group the company's branch which owns the concessions in the Italian water sector. A 115 million euro equity transaction marks the official launch of CEO Paolo Gallo's Group's strategy to increase its presence in the water sector. The Group serves 6.2 million people, directly and indirectly, roughly 10% of Italy's population.
Italgas creates Nepta, its new water company
The deal will result in the formation of a new company that combines the purchased activities from Veolia with those already present in Italgas Acqua in the province of Caserta. The name "Nepta" has been chosen to highlight its association with the mythological world of water and technology, aligning with Italgas Group's future network plans.
CEO Paolo Gallo: "We are expanding beyond gas networks to other industries"
Gallo stressed that digital technologies are needed to proactively and effectively address the inefficiencies of water networks in a country with negative records, where losses can exceed 40% and peak at 70%. This necessitates a paradigm shift and a different approach. Italgas "is now a major player in the water sector and is moving towards becoming a Network Tech Company. The technological advancements made in gas networks enable us to expand our reach into other fields". Gallo emphasized that by leveraging the technologies and knowledge gained in the gas sector, "the water sector can achieve significant benefits, such as improved service efficiency and a reduction in losses of 15-20% compared to current levels".
(Source:Class Editori)
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A single purchase
