Snam S.p.A. signed an exclusivity right with Statoil Holding Netherlands B.V. for the purchase of the 20% interest held by Statoil in the Trans Adriatic Pipeline AG (TAP).
The agreed purchase price is equal to Euro 130 million. Snam will also enter in the term credit facility agreement currently granted by Statoil to TAP for a nominal amount of Euro 78 million. The total consideration will be adjusted at closing. As a result of the transaction, Snam will take over all of Statoil’s rights and duties related to the development of the project.
TAP is the company established for the purpose of developing the Trans Adriatic Pipeline project spanning from the Turkey-Greece border to Italy along the South Corridor which will allow gas produced from Shah Deniz II in Azerbaijan to flow to the European markets – through multi-annual ship-or-pay contracts – through the Snam Rete Gas pipeline system.
By entering the exclusivity agreement, Snam and Statoil have committed to promptly proceeding with the share purchase agreement of Statoil’s interest in TAP, conditional upon the other shareholders of TAP not exercising, within 15 days, their pre-emption and tag-along rights and the approval of the board of directors of TAP, as well as additional market-standard conditions precedent.
The closing of the transaction is expected by the end of 2015.
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