Snam S.p.A. (BIT:SRG) signed an agreement to acquire 49.07% stake in OLT Offshore LNG Toscana SpA from Iren Mercato S.p.A. for approximately €350 million on September 20, 2019. The consideration reflects the net amount at the closing of the transaction subject to certain adjustments. After the acquisition is completed, OLT will be jointly controlled by Snam and First State Investments, which holds a 48.24% stake in the company through its subsidiary, FS SP S.à r.l. and Golar LNG owns the remaining 2.69% stake. The consideration will be paid by Snam with its own funds. OLT achieved €112 million in revenues in 2018, and an EBITDA of approximately €65 million. The closing of the transaction is subject to prior approval by the competent authorities (Antitrust authorization and ‘Golden Power’ authorization). As of February 12, 2020, The European Commission approved the transaction. The proceeds from the sale of OLT will significantly enhance financial structure and enable the Iren Group to boost investments in development activities (both organic and external). The transaction is expected to close in the first quarter of 2020. KPMG Advisory N.V. acted as fairness opinion provider and financial advisor to Iren Mercato S.p.A. Marco Reggiani, Gloria Bertini, Valentina Milazzo, Stefano Sperzagni, Leonardo Marroni,  Francesco Tedeschini, Andrea Sacco Ginevri,  Carola Antonini,  Elisabetta Mentasti and Giulio Napolitano of Chiomenti Studio Legale, Alessandro Dolce and Silvia D'Alberti of Gattai, Minoli, Agostinelli & Partners and Mario Roli of BonelliErede acted as the legal advisors to Snam.