Cleary Gottlieb advised Snam in the acquisition of the majority equity interest in Trans Austria Gasleitung held by a wholly-owned subsidiary of Cassa Depositi e Prestiti, for a consideration of €505 million, consisting of newly issued shares and cash. The transaction closed on December 19, 2014.
TAG holds the transmission rights of the Austrian section of the pipeline that connects Russia to Italy.
By virtue of this transaction, the stake acquired by Snam is equal to 84.47% of the share capital of TAG, (with economic rights equal to 89.22%). Gas Connect Austria (a subsidiary of OMV, the Austrian energy company) continues to hold the remaining 15.53% of the share capital and 10.78% of the economic rights.
