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Snam to take controlling stake in leading energy service company

23 febbraio 2018 | 20.15
LETTURA: 1 minuti

Snam to take controlling stake in leading energy service company

Italian gas company Snam on Friday signed final accords for the acquisition of an 82 percent stake in TEP Energy Solution (TEP), one of Italy’s leading enterprises in the energy efficiency sector.

“The acquisition of TEP has a strategic importance for us in line with our vision towards 2030, which sees a leading role for Snam in promoting a more sustainable and efficient energy system,” said Snam CEO Marco Alvera.

The deal values TEP at 21 million euros. It includes price adjustments based on TEP’s next three years’ financial results and put and call options exercisable by 2020, Snam said.

Snam's purchase of TEP is expected be completed by September and is subject to clearance from the Italian competition authority.

It is the first time that Snam has invested in the energy efficiency sector and the takeover is part of Snam’s strategic plans aimed at facilitating decarbonisation and better energy use in the areas in which it operates, the company said.

TEP, with offices in Rome, Milan and Udine, is one of Italy’s first industrial independent energy service companies. It has more than 200 customers among leading companies in Italy and multinationals.

TEP aims to improve its customers’ competitiveness by reducing energy spending thanks to the optimization of energy use.

The company is not involved in the production and sale of electricity and gas and enhances customer investments through the production of energy efficiency credits, and invests in the implementation of energy efficiency measures, Snam stated.

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