Italy's A2A to sell part of gas grid to Ascopiave in about $446 million deal
Dec 19 (Reuters) -Italian utility A2A A2.MI said on Thursday it reached an agreement to sell part of its gas distribution network in northern Italy to smaller rival Ascopiave ASCI.MI.
Under the transaction, Ascopiave will pay 430 million euros ($445.78 million) to A2A for the network that brings natural gas to customers in several wealthy cities in the Lombardy region including Brescia, Bergamo and Pavia.
The assets included in going concern of transaction held by ASA's subsidiaries will be transferred between signing and closing, the company said.
A2A, which was advised by Rothschild on the deal, received a non-binding offer from Ascopiave at the end of July.
Ascopiave is also ready to bid for assets that Italgas IG.MI may be forced to sell on antitrust grounds to get clearance for its acquisition of main domestic rival 2i Rete Gas, the regional utility told Reuters in September.
($1 = 0.9643 euros)
Reporting by Francesca Landini in Milan and Pretish M J in Bengaluru; Editing by Alan Barona
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