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FLUX Fluxys Belgium SA

15.95

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Jul 19 2024 - Closed

Snam and Fluxys To Buy Stake In UK's Interconnector

Snam SpA (SRG.MI) and Fluxys SA (FLUX.BT) said Wednesday they have agreed to buy E.ON AG's (EOAN.XE) 15.09% stake in U.K. subsea gas pipeline operator Interconnector.

The companies said they will pay EUR127 million for the stake and the transaction is due to be completed this year.

The deal will need to be approved by Interconnector's board and relevant authorities, said the companies, which will each contribute 50% of the purchase price.

In February, they agreed to buy Eni SpA's (E) 16.41% stake in Interconnector, which owns and operates a gas subsea pipeline between the U.K. and Belgium.

-By Giovanni Legorano, Dow Jones Newswires, +39 349 6730336; Giovanni.Legorano@dowjones.com