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<<PRESS RELEASE
Ascopiave acquires 100% of Pasubio Servizi, a company which sells gas in
more than 30 municipalities in the province of Vicenza.
The transaction will be settled in cash for Euro 19.5 million, plus 1,850,000
Ascopiave shares.
Ascopiave is spearheading industrial consolidation in the gas sector in northeastern Italy.
The Pasubio Group’s Shareholders’ Meeting was held today at the Company’s registered office in Schio and chose the proposal made by Ascopiave for the transfer of 100% of the subsidiary Pasubio Servizi, a gas-selling company.
The preliminary agreement – subject to the condition precedent by the antitrust authority – for the share transfer will be signed in the next few days.
The overall price that was agreed upon by the two companies for the acquisition of Pasubio Servizi is EUR 19.5 million. It also provides for the transfer of 1,850,000 Ascopiave shares –
currently amounting to EUR 2,900,000 approx. – to the Pasubio Group.
The overall price that was agreed upon is based on a conventional net financial position of EUR +2.5 million at the closing date of the transaction.
Pasubio Servizi is the gas-selling company of the Pasubio Group, a group wholly owned by 9 municipalities/shareholders in the north of Vicenza: Schio, Torrebelvicino, Thiene, Valdagno, Malo, Montecchio Maggiore, Brendola, Lonigo and Monteviale.
The acquired company, which sells about 130 million cubic metres of methane to over 63,000 clients in more than 30 municipalities in the province of Vicenza, closed the 2007 financial statements with a value of production of EUR 46.2 million, an Ebitda of EUR 1 million and a profit of EUR 0.3 million.
Pasubio Servizi’s entry into the Ascopiave Group will not involve any changes to current territorial structures or to services performed in the area.. The number of people employed by the company will also remain unaltered.
The transaction completed today will allow the Ascopiave Group to further consolidate its presence in the downstream gas market and strengthen its leadership position in the sale and distribution of gas in north-eastern Italy.
Synergies are expected from said transaction with regard to both management costs and gas
procurement.
“The agreement reached today – commented Ascopiave’s Chairman Gildo Salton – is the result of an extremely important strategic operation at industrial level. The acquisition of Pasubio Servizi will allow the Ascopiave Group – which thus confirms its position among the utilities that are most active in concluding M&A transactions – to further increase its customer base and strengthen its leadership in the gas sector in north-eastern Italy”.
Ascopiave was assisted in the transaction by Bonelli Erede Pappalardo law firm, while Pasubio Group was assisted by Grimaldi e Associati law firm.
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