Snam S.p.A. has acquired the 20% interest held by Statoil Holding Netherlands B.V. in the Trans Adriatic Pipeline AG (TAP), for €130 million. As a result of the transaction, Snam replaces Statoil in the shareholders’ loan currently granted to TAP for a nominal amount of €78 million and takes over all of Statoil’s rights and obligations related to the development of the project.
TAP is the company established for the purpose of developing the Trans Adriatic Pipeline project, spanning from the Turkey-Greece border to Italy along the South Corridor. The project will allow gas produced from Shah Deniz II in Azerbaijan to flow to European markets using the Snam Rete Gas pipeline system. This will reinforce the leading role of Italy’s infrastructure in strengthening supply security and boosting competition among supply sources, for the benefit of the entire European gas system.
The deal marks another important step forward in Snam’s international growth strategy and allows Snam to play a key role in the development of a major new route for gas flows to Europe.
Our team was led by structured finance partner Patrizio Messina, with assistance from M&A and private equity associate Paola Barometro, structured finance of counsel Francesca Isgro, structured finance attorney trainee Valeria Camilli and energy & infrastructure partner Colin Graham.