One of the biggest European gas operators, Italian company Snam is looking to lift about 4 billion euros off its balance sheet as part of plans to spin off its domestic gas business.
According to sources, the refinancing should be carried out by a dozen or so banks and the debt will be taken over by Snam’s Italgas unit, which will be spun off by distributing Italgas shares to Snam’s investors and listing them. This move will focus the company on its goal of making Italy a European gas hub, which is in accordance with the EU intentions to decrease its dependence on Russian gas imports.
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Tags: acquisition, DESFA, gas, Greece, Italy, Snam, SOCAR