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Italgas (Baa2/NR/BBB+): 2i Rete Financing Details

UTILITIES
  • Il Sole 24 reports Italgas may raise €0.9-1bn equity and €3bn in debt to finance the proposed acquisition of 2i Rete Gas. €1bn of asset sales are also expected.
  • Back of the envelope we see leverage rising from 5.6x to 7.3x pre synergies assuming a €5bn valuation.

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