F2i and Axa Private Equity to buy GDF Suez's Italian network

6th June 2011, Comments 0 comments

Italian fund F2i and Axa Private Equity, an affiliate of French insurer Axa, will buy the Italian natural gas distribution network of French group GDF Suez for 772 million euros, the companies said Monday.

"GDF Suez has signed a firm and final agreement with the consortium composed of F2i infrastructure fund and AXA Private Equity for the disposal of G6 Rete Gas," GDF Suez said in a statement.

"The transaction prices the distribution assets at 772 million euros ($1.1 billion)," and is expected to be completed before the end of the year, the statement added.

The two funds buying the distribution network issued a similar statement, also noting that the deal "is subject to approval by anti-trust authorities," mindful that the European Union will want to ensure there are no competition or monopoly issues.

© 2011 AFP

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