(Alliance News) - Snam Spa and Eni Spa announced Tuesday that they have finalized the transaction for Snam to purchase 49.9 percent of the stakes held (directly and indirectly) by Eni in the companies that operate the two groups of international gas pipelines linking Algeria to Italy, specifically the onshore pipelines that extend from the Algerian-Tunisian border to the Tunisian coast and the offshore pipelines that connect the Tunisian coast to Italy.

These holdings were contributed by Eni to a newly established Italian company-SeaCorridor Srl-of which Snam acquired 49.9 percent of the share capital while the remaining 50.1 percent continues to be held by Eni.

Eni and Snam exercise joint control over SeaCorridor, based on the principles of equal governance.

The total consideration paid by Snam to Eni in connection with the transaction is approximately EUR405 million.

"The transaction makes it possible to synergistically enhance the respective competencies of Eni and Snam on a strategic route for the security of natural gas supplies in Italy, fostering potential development initiatives in the hydrogen value chain also thanks to the natural resources of North Africa. In fact, the North Africa-Europe connection represents a key axis in a perspective of progressive decarbonization at the international level to support the energy transition," the companies explained in a note.

On Tuesday, Eni closed up 0.2 percent at EUR13.97 per share and Snam finished 0.7 percent higher at EUR4.83 per share.

By Claudia Cavaliere, Alliance News reporter

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