Eni completes sale of 30% minus one share of Snam

Source: Eni 

Eni S.p.A. ("Eni") has completed the sale of 1,013,619,522 shares of Snam S.p.A. ("Snam"), equal to a 30% minus one share of the voting share capital of the company, to Cassa Depositi e Prestiti (“CDP‘).

CDP will pay a total consideration of approximately 3.517 billion euro, of which approximately 1.759 billion euro has been paid contextually today at the closing of the transaction, and the remainder has to be paid in two successive tranches (the first by 31 December 2012, the second by 31 May 2013), in accordance with the terms announced to the market on 30 May 2012.

The sale was executed upon the occurrence of the conditions precedent, including Antitrust approval.

Following the transaction, Eni will see an improvement in its net financial position equal to approximately 14.7 billion euro, deriving from the consideration recognized by CDP for the share stake and Snam’s reimbursement of intercompany credits.

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