PwC delivered its professional services to the three main disposals occurred in the gas distribution market in the last three years, representing an overall enterprise value amounting to Eur 2.7 billion. In September 2009 Enel Rete Gas was acquired by the F2i Reti Italia infrastructure fund and private equity group Axa for a total enterprise value of Eur 1.6 billion.
In December 2010 F2i and Axa acquired E.ON Rete (E.ON’s Italian gas network) for a total enterprise value of Eur 290 million. Finally, in June 2011, the same consortium made up of F2i and Axa acquired GdF Suez’s Italian distribution network G6 Rete Gas, the sixth larger operator in Italy, for an enterprise value of €770m.
By summing up the three networks in the Enel Rete Gas portfolio, the company enhanced its positioning to become the second Italian player after Eni in the natural gas distribution business. With a 17.3% market share in terms of distributed volumes, it serves 3.6 million users in over 2000 communities and distributes 6.3 billion cubic meters of gas. PwC delivered due diligence services in relation to all the mentioned transactions, both vendor and buy side; for some PwC also provided post-deal services (i.e., purchase price adjustment verification, analysis of the Regulatory Asset Base, etc.).
PwC’s due diligence team was enforced with regulatory consultants who had been involved in setting up Italian tariffs for gas and electricity networks, in particular in asset valuation and cost allowance. In addition PwC could ensure the commitment of strategy consultants with extensive professional experience in the Energy & Utilities industry.