SNMRY Snam SPA (PK)

By Olivia Bugault

ENI SpA agreed to sell a 49.9% stake in subsidiaries operating gas pipelines between Algeria and Italy to energy infrastructure company Snam SpA for a consideration of 385 million euros ($435.7 million).

The deal includes the onshore gas pipelines running from the Algeria and Tunisia borders to the coast of Tunisia, and the offshore gas pipelines connecting the Tunisian coast to Italy, Eni said Saturday.

Under the agreement between the two Italian companies, "Eni will contribute its entire ownership interests in the two pipelines to a newly incorporated Italian company (NewCo) in which Eni will continue to hold a 50.1% stake, whereas the remaining 49.9% will be sold to Snam," the Italian oil-and-gas company said.

The deal should be closed by the third quarter of 2022, subject to conditions such as the authorization of the Tunisian government and consent from shareholders, it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

November 29, 2021 02:13 ET (07:13 GMT)

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