Snam SpA (SRG.MI), Italy's biggest natural gas grid by pipelines, Thursday said it expects to close the 2.4-billion-euro ($3.12 billion) acquisition of TIGF, a French regional gas pipeline network, earlier than expected.
Snam SpA (SRG.MI),
Italy
's
biggest natural gas grid by pipelines, Thursday said it expects to close the
2.4-billion-euro ($3.12 billion) acquisition of TIGF, a French regional gas
pipeline network, earlier than expected.
"The deal should close by the end of August which is earlier than our
previous estimate of September," said Carlo Malacarne, chief executive of
Snam, on the sidelines of a conference in
Rome
.
In April, French oil company Total SA (TOT) signed a final agreement to sell
TIGF to a group comprising Snam, GIC, a Singaporean sovereign fund, and French
state-controlled power utility Electricite de France SA (EDF.FR).
Snam holds 45% in the consortium, with GIC and EDF owning 35% and 20%,
respectively.
Snam is expanding in
Europe
as part of its growth
strategy and wants to tap into the European Union's concerted push of the last
decade for more competition in the energy market.
The European Commission aims to form a single energy market to encourage the
equitable flow of power and gas across borders, which it says will stimulate
fair competition and could save consumers considerable sums of money.
TIGF, which Total put up for sale as part of a wider strategy to sell EUR20
billion of assets by 2015, is headquartered in the southwestern town of
Pau
and
employs 500 people.
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