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E.ON Rete: Consolidation continues
09 May 2011
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[E.ON Rete]
[Axa Private Equity]
[F2i]
[gas network]
F2i and AXA Private Equity’s acquisition financing for E.ON’s Rete Gas network in northern Italy closed on 7 April. The deal is the second significant Italian gas network divestment by a large utility, following the 2009 sale of Enel Rete Gas which was also acquired by F2i and AXA. The joint venture is currently eyeing a hat-trick – it is preparing a bid for GDF Suez’s sale of its Italian gas network, G6.
The F2i/AXA partnership’s 100% success rate is based on a mix of aggressiveness and solid bank support. F2i is a 75% shareholder in the venture and AXA 25%. The fact that F2i is the equity arm of state postal savings company Cassa Depositi e Prestiti (CDP) also provides a compelling story for the Italian authorities, which have been accused of protectionist tendencies in the past. The partnership beat rivals Blackstone, Goldman Sachs Infrastructure Partners and Macquarie to...
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