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Hera SpA's AcegasAps and Eni SpA Sign Framework Agreement; Eni SpA Buys Entire Stake in Est Piu from AcegasAps; Sells Its Entire Stake in Est Reti Elettriche and 20% in Isontina Reti Gas to AcegasAps

Monday, 30 Sep 2013 11:31am EDT 

Hera SpA announced that its subsidiary AcegasAps signed a framework agreement with Eni for the reorganization of the two companies stake in the companies Isontina Reti Gas, Est Reti Elettriche and Est Piu. The current framework agreement of March 1, 2011 entails that in all three companies Eni has a stake of 70% and AcegasAps of 30%. The new framework agreement entails that Eni buys 30% stake from AcegasAps in Est Piu, while AcegasAps buys 70% stake from Eni in Est Reti Elettriche. The exchange entails an adjustment payment by AcegasAps to Eni of approximately EUR 8 million. On September 30, 2013, AcegasAps also bought from Eni a 20% stake in Isontina Reti Gas, reaching a stake of 50%. Following the transactions, the three companies are controlled as follows: Isontina Reti Gas is controlled 50% by Eni and 50% by AcegasAps; Est Reti Elettriche is controlled 100% by AcegasAps, and Est Piu 100% by Eni. 

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