BAKU, Azerbaijan, September 22. Snam has
completed the sale of approximately 10 million existing ordinary
shares in Industrie De Nora to institutional investors at €6.69 per
share, generating gross proceeds of around €67 million, the Italian
energy infrastructure company said.
The shares were sold by Asset Company 10 S.r.l., a wholly owned
subsidiary of Snam, following the launch of the accelerated
bookbuilding process announced on September 21.
"Following the transaction, Asset Company 10 retains
approximately 33 million multiple-voting shares in Industrie De
Nora, representing around 16.6% of the company's share capital,"
said Snam.
The seller has agreed not to transfer or dispose of its
remaining stake for 90 days following settlement of the sale,
subject to customary exceptions and the consent of the sole
bookrunner, Goldman Sachs, which arranged the accelerated
bookbuilding offering.
Latham & Watkins advised the seller on the transaction.
On September 21, Snam announced the launch of the sale of
approximately 10 million Industrie De Nora shares, corresponding to
around 5% of the company's share capital, through an accelerated
bookbuilding process reserved for institutional investors.
The transaction forms part of Snam's asset-rotation program
under its 2026–2030 Strategic Plan. The company has outlined an
asset-rotation target of around €3 billion as part of its strategy
to optimize its portfolio and reallocate capital toward its core
businesses and energy-transition activities.
Industrie De Nora is an Italian company specializing in
electrochemical technologies and solutions, with activities
spanning water treatment, industrial applications and technologies
supporting the production of green hydrogen. The company has been
listed on Euronext Milan since June 2022.
Before the latest transaction, Asset Company 10 held
approximately 43.54 million multiple-voting shares in Industrie De
Nora, representing 21.59% of the company's share capital and 25.99%
of its voting rights.
