AXA PE and F2i acquire 80% of Enel's gas network

AXA Private Equity and F2i have acquired an 80% stake in Italian company Enel Rete Gas from its parent Enel Distribuzione, in a deal valued at EUR480m.

The deal is still subject to approval by Antitrust Approval, the regulatory authority for energy and gas, as well as to the signing of a financing agreement between Enel and a pool of banks.

Enel Rete Gas is a subsidiary of the Enel Group, operating in the distribution of natural gas in Italy, with more than 2 million users connected to the grid and approximately 3.6 billion cubic meters of gas distributed to more than 1,200 municipalities in 2008.

Enel Rete Gas employs 1,289 people and in 2008 it generated revenues of EUR307.1m, an operating profit equal to EUR63.4m and a net profit of EUR17.3m.

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