Enel buys 98% of the Camuzzi Group for $870 million

The Enel group has become the second largest Italian operator in gas distribution and waste management after acquiring the Camuzzi Group for $870 million.

Enel, the Italian energy group, has acquired 98.58% of the capital of gas distribution company Camuzzi Gazometri from Mill Hill Investments for a total of $870 million (E1.043bn.)

The closing of the operation, which supersedes the accord reached in October last year, is expected by the end of May, 2002, given the approval of the relevant authorities.

The acquisition will reportedly enable Enel to consolidate its position as second operator in Italy’s gas distribution market, with over 1.7 million clients and more than 3 billion cubic meters of gas distributed.

Through this acquisition Enel will also become the second operator in the waste management sector.

The sale excludes the Camuzzi Group’s Argentine activities, the Piacenza Football Club, all publishing activities, all telecommunications activities and real estate not related to the gas business. These will remain the property of Mill Hill.

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