APG Asset Management is selling its stake in 2i Rete Gas to Italgas, Italy’s largest gas distributor. 2i Rete Gas is Italy’s second-largest natural gas distribution operator.
36.1% of 2i Rete Gas is held by Finavias, a corporate vehicle owned by APG Asset Management and funds managed by Ardian. The other 63.9% is held by F2i, Italy’s largest independent infrastructure fund manager. Both Finavias and F2i have signed an agreement for the sale of their stakes.
Carlo Maddalena, Senior Portfolio Manager at APG: "We are pleased to announce the successful sale of our stake in 2i Rete Gas, a leading gas distribution company in Italy, to Italgas. Since our acquisition in 2017, 2i Rete Gas has experienced consistent and robust growth, and achieving industry leading operating and sustainability results."
Arjan Reinders, Head of Infrastructure Europe at APG: "This transaction marks the culmination of years of collaborative effort with the management team and co-shareholders F2i and Ardian, and represents an important step in APG’s broader strategy of continuously optimizing our portfolio to deliver long-term value creation for our pension fund clients."
Rothschild acted as sole M&A advisor to Finavias.