Eni sells 30% of SNAM to financial firm

Eni SPA has completed the sale of an interest in the natural gas infrastructure company SNAM of 30% less one share to Cassa Depositi e Prestiti (CDP), relinquishing control in a government-ordered divestment designed to separate gas production from distribution.

CDP is a joint-stock savings management company owned 70% by the Italian government and the rest by banks. It will pay Eni total consideration of €3.517 billion for the SNAM interest, half of which it paid at closing and the rest due in two installments.

Eni sold a 5% share in SNAM to institutional investors in July (OGJ Online, July 18, 2012).

With the payment and elimination of intracompany credits related to SNAM, Eni said its financial position will improve by €14.7 billion. It retains an interest in SNAM of about 20%.