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UTILITIES: Italgas (IGIM Baa2/NR/BBB+): 2i Rete Gas Acquisition

UTILITIES
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  • As expected Italgas has agreed to acquire 2i Rete Gas for €5.3bn EV.
  • The terms are largely in line with previous reports with €2.06bn equity value, €3.25bn net debt. €1bn equity raise is planned. It’s signalling no impact to the credit rating, with a commitment to maintain at current.
  • Synergies of €200mn are expected, leaving leverage little changed assuming those are within SG&A.
  • We expect Debt/RAB to rise to around 75% from 68%, with a return to 65% targeted by 2028.
  • €15.6bn of investment under the 2024-2030 strategic plan.
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  • As expected Italgas has agreed to acquire 2i Rete Gas for €5.3bn EV.
  • The terms are largely in line with previous reports with €2.06bn equity value, €3.25bn net debt. €1bn equity raise is planned. It’s signalling no impact to the credit rating, with a commitment to maintain at current.
  • Synergies of €200mn are expected, leaving leverage little changed assuming those are within SG&A.
  • We expect Debt/RAB to rise to around 75% from 68%, with a return to 65% targeted by 2028.
  • €15.6bn of investment under the 2024-2030 strategic plan.