The transaction prices the distribution assets at €772 million, which amounts to 103% of the 2010 regulated asset base, 9.3 times the Ebitda and 17.5 times the net income. The closing of the operation is expected during the 4th quarter of 2011.
This transaction is part of the Group’s asset optimization program of €10 billion by 2013, announced at the 2010 annual results presentation. The competitive process for the sale, begun early this year, aroused strong interest from of Italian and international players.
After restructuring its energy sector partnership, GDF SUEZ decided to focus its development in Italy principally around the production of electricity, mainly from renewable energy sources, and marketing electricity and natural gas. Within these new strategic orientations, the Group made several investments in 2010 reaching nearly €400 million. In addition, since the International Power acquisition, GDF SUEZ has become Italy’s largest producer of wind power. Finally, the launch of the “GDF SUEZ” brand in Italy will enhance the Group’s visibility among final customers and publicize its ambitions in the country. GDF SUEZ is looking to double its customer base to 2 million by 2015.
Italy is the Group’s third largest country in terms of revenues after France and Belgium, its two domestic markets. The Group already plays a leading role there and intends to position itself among the country’s three leading players. Active across the entire energy value change and enjoying a fast-growing customer base, GDF SUEZ is number one in the field of energy services through its subsidiary Cofely, the third largest natural gas operator with over 1.2 million customers, and the fourth largest electrical operator. SUEZ ENVIRONNEMENT also has a strong position with more than 2.4 million users of its environmental services.
About GDF SUEZ
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,350 people worldwide and achieved revenues of €84.5 billion in 2010. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
Investor relations contact:
T: +33 (0)1 44 22 66 29 / E: ir[.]gdfsuez.com.