Snam to acquire 49% stake in OLT from Iren Group for $440m.

Snam, Europe’s gas utility firm, to acquire 49% stake in OLT, which has built and manages the offshore regasification terminal located about 22 km off the Tuscan coast between Livorno and Pisa, from Iren Group, one of the multiutility companies on the Italian scene, for $440m. The closing of the transaction is subject to prior approval by the competent authorities. “Snam’s entrance into OLT will guarantee industrial expertise in management and in future investments into vital infrastructure for the Italian energy system’s security and flexibility and will consolidate our position in the Mediterranean LNG market. This acquisition is in line with our growth strategy in infrastructure for liquefied natural gas, a sector that is fundamental to enabling energy transition and promoting sustainable mobility, as global demand is destined to double between now and 2035, reaching 600 million of tons per year. Between September 2018 and August 2019 alone, Italian LNG demand grew by 70% and global demand by 15%,” Marco Alverà, Snam CEO.