Snam, Fluxys To Buy Some Eni Gas Asset Stakes For EUR150 Million

Snam SpA (SRG.MI), Italy's biggest natural gas transmission company by market value, Thursday said it has teamed up with Belgium peer Fluxys SA (FLUX.BT) to buy some gas infrastructure assets from Italian energy giant Eni SpA (E) for a total of EUR150 million.

In a statement, Snam said it agreed with Fluxys to buy Eni's 16.4% stake in Interconnector (U.K.), which owns and operates the underwater pipeline between Bacton in Britain and Zeebrugge in Belgium.

They will also purchase Eni's 51% stake in Interconnector Zeebrugge Terminal SCRL, which includes the terminal and compressor facilities linking the Interconnector pipeline to the Belgium gas transmission system.

The two companies will also buy from Eni its 10% stake in Huberator, which is the operator and service provider for the Zeebrugge gas trading hub.

Snam and Fluxys expect to complete the acquisition by the second half of the year.

Eni, Italy's biggest energy company by market value, controls Snam. Last month, the Italian government said Eni must give up its ownership of Snam, but has yet to provide the details.

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

Fluxys Belgium (EU:FLUX)
Historical Stock Chart
From Jun 2024 to Jul 2024