Galp Energia SGPS SA Acquires 21.9% Stake in Setgas and 10.6% Stake in Lusitaniagas from Eni SpA

Galp Energia SGPS SA (Galp Energia) announced that it has signed an agreement with Eni SpA (ENI) for the acquisition of ENI’s stakes of 21.9% of Setgas and 10.6% of Lusitaniagas. Setgas and Lusitaniagas have concession contracts for the natural gas distribution in the South and Centre Coast regions of Portugal, respectively. This acquisition amounted to EUR 40.5 million. Following this transaction, Galp Energia will hold a stake of 66.9% and 96.3% in the regulated natural gas distribution companies Setgas and Lusitaniagas, respectively, and will start fully consolidating Setgas on its accounts, which was being accounted through the equity method. In line with the articles of association, the non-exiting shareholders of Setgas and Lusitaniagas will have the possibility to exercise their right of first refusal over ENI’s stakes. The completion of the transaction is subject to the approval of the relevant authorities.