Snam S.p.A. (BIT:SRG) entered into an agreement to acquire 33% stake in Industrie De Nora S.p.A. from funds managed by Blackstone Tactical Opportunities Advisors L.L.C. for approximately €400 million from management and others on November 19, 2020. The transaction also involves the acquisition of an additional stake of approximately 6.8% from the management of Industrie de Nora, as well as a redefinition of the post-closing company's corporate governance structure, in agreement with the de Nora family, shareholders of majority.The enterprise value for 100% of Industrie De Nora S.p.A. is approximately €1.2 billion. The transaction would be funded from own funds. De Nora generates revenues of more than €500 million per year. After the acquisition, Snam S.p.A. will be able to appoint three board of directors of Industrie De Nora S.p.A., and will be represented on the newly formed technical and strategic committees, with the possibility of seconding its staff to the Industrie De Nora. Federico De Nora will continue to control the company following the close of the transaction. The transaction is subject to antitrust clearances. The transaction is expected to closed in first quarter of 2021. Lazard and Mediobanca acted as financial advisors for Blackstone. BofA Securities acted as financial advisor for Snam S.p.A. Marco Reggiani, Michele Calì, Andrea Semmola, Francesco Puntillo, Francesco Bruno, Angelo Crisafulli, Maria Giulia Boccieri, Maria Panetta, Filippo Andreoni, Teodora Marocco, Edoardo Passamonti, Piero Fattori and Salvatore Spagnolo of Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisor to Snam. Filippo Troisi and Francesco Florio of Legance - Avvocati Associati acted as legal advisor to Blackstone. Giovanni Pedersoli and Marta Sassella of Pedersoli e Associati acted as legal advisor to Nora family. Fabio Coppola of Labruna Mazziotti Segni acted as legal advisor to Management of Nora.

Snam S.p.A. (BIT:SRG) completed the acquisition of 33% stake in Industrie De Nora S.p.A. from funds managed by Blackstone Tactical Opportunities Advisors L.L.C. from management and others on January 8, 2021. Antitrust clearance has been received.