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F2i and Axa Private Equity acquire Italian gas distributer E.ON Rete

Italian fund management company F2i and Axa Private Equity have agreed to acquire 100 per cent of the capital of E.ON Rete, a fully-owned company of E.ON Italia.

E.ON Rete operates in the natural gas distribution industry in Italy. It supplies about 600,000 gas delivery points located in around 300 municipalities, predominantly in the northern-central regions.

The consideration for the sale of 100 per cent of E.ON Rete’s capital is stipulated as a base value (inclusive of net debt) of EUR290m (the enterprise value). The deal represents a net cash consideration of EUR255m.

The sale is subject to antitrust approval. F2i and Axa Private Equity expect to close the transaction by the end of the first quarter of 2011. F2i and Axa Private Equity are taking 75 per cent and 25 per cent stakes respectively.

The acquisition will be financed by credit lines granted by Banca IMI, Crédit Agricole CIB, HSBC Bank, Santander, Société Générale and UniCredit.

After the acquisition, F2i and Axa Private Equity will have an increased presence in the gas distribution industry, with more than 2.7 million clients and a market share of 15.8 per cent.

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