Edison Takeover of GNVI Cleared
Edison's acquisition of gas and power supplier/marketer Gas Natural Vendita Italia (GNVI) has been cleared by the European Commission (EC).
The EC announced its decision February 6, noting that the acquisition from Spanish utility Gas Natural, by EDF's Italian subsidiary Edison, raises no competition concerns as the companies involved have a limited position in the Italian market where their activities overlap and other strong competitors would remain in the market after the merger.
Edison is also acquiring GNVI's 11 TWh/yr (1bn m3/yr) long term gas supply contract, due to start 2020, from the Shah Deniz II development in the Azerbaijan offshore section of the Caspian Sea.
The sale of GNVI (for €263mn) and contract (for €30mn) were announced October 13 2017, as part of a sale of various GN assets in Italy totalling €1.02bn. The bulk of the assets are distribution networks, being sold to Italy's 2i Rete Gas.