Italian major Eni (NYSE:E) reached an agreement with Gas Plus to sell its 100% stake of Padana Energy, a company which holds exploration permits and concessions for development and production of hydrocarbons in Northern Italy.
The transaction is valued at €175 million (US $232 million), subject to a possible adjustment of up to €25 million (US $33 million) related to the production of a development asset. Further price adjustments are foreseen in connection with the exploration potential of the transferred assets.
The sale has been submitted to the Italian Antitrust Authority for authorization. The agreement also encompasses a purchase option, to be exercised within September 30, 2010, for Gas Plus to buy a 100% stake in Adriatica Idrocarburi, a company which holds mining licenses in central Italy.
The agreement signed is part of Eni’s initiative to rationalize its portfolio and optimize its operating efficiency in Italy.