PARIS (dpa-AFX) - Italian natural gas distributor Italgas S.p.A. announced Friday a sale and purchase agreement with French resource management firm Veolia Environnement (VE). The deal is regarding stakes held by Veolia in three companies active in the water sector in the regions of Lazio, Campania and Sicily.
For the acquisition, Italgas will recognize Veolia a total of around 115 million euros, partially depending upon certain targets of the operational companies.
The agreement includes Veolia's 100 percent stake in Acqua S.r.l., which in turn directly holds 98.7 percent of Idrosicilia S.p.A. and, indirectly, 75 percent of the equity of Siciliacque S.p.A; 100 percent of Idrolatina S.r.l., which in turn holds about 49 percent of Acqualatina S.p.A; and 9 percent of Acqua Campania S.p.A.
The holding companies Acqua, Idrosicilia and Idrolatina hold the stakes in the operational companies Siciliacque and Acqualatina.
The closing of the deal is subject to the fulfillment of certain conditions precedent, including the involvement or approval by the Public Bodies which awarded the water service concession.
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