Snam to acquire a 33% stake in De Nora from Blackstone for $470m.

Snam, an energy infrastructure operator, agreed to acquire a 33% stake in Industrie De Nora, a global innovator in sustainable clean energy and water treatment technologies, from Blackstone Tactical Opportunities, an opportunistic investing platform, for $470m. The acquisition, whose completion is scheduled for the first quarter of 2021 after the relevant antitrust clearances, will be undertaken with own funds. "The strategic partnership with an Italian company of excellence, global innovator in sustainable technologies and with important prospects for hydrogen development, is a unique opportunity to strengthen Snam's role in the energy transition. The partnership with De Nora will allow us to be a leader in the development of green hydrogen, which is becoming a key feature of the decarbonisation agenda in Italy, in Europe and in many countries around the world. Thanks to this transaction and the new energy innovation platform we will be able to increase our exposure to new green technologies while remaining focused on our core business and contributing to a net zero world," Marco Alvera, Snam CEO.