BAKU, Azerbaijan, September 22. Asset Company 10 S.r.l., a wholly owned subsidiary of Italian energy infrastructure company Snam S.p.A., has launched the sale of approximately 10 million ordinary shares in Industrie De Nora S.p.A., equivalent to 5% of the company’s share capital, Snam said.
"The shares will be offered exclusively to institutional investors through an accelerated bookbuilding process. The final offering price will be determined through the bookbuilding, which may be closed by the seller at short notice. The number of shares sold and the final price will be announced following completion of the process," the company said.
The shares being offered will be created through the conversion of multiple-voting shares into ordinary shares upon their transfer.
The transaction forms part of Snam’s asset rotation program under its 2026-2030 Strategic Plan, which is designed to optimize the company’s portfolio and redirect capital toward businesses that strengthen its core gas infrastructure platform and support its integrated energy strategy.
Snam’s 2026-2030 Strategic Plan includes an asset rotation program of around 3 billion euros in addition to the plan’s core investments. According to the company, the program is aimed at sharpening Snam’s industrial positioning and geographical footprint, with a focus on gas infrastructure, security of supply, energy-system stability and value-chain integration. (Snam)
Snam said the disposal program is focused primarily on assets that are non-core to its regulated infrastructure business or are not fully aligned with its geographical and strategic perimeter. At the same time, the company is considering acquisitions that could strengthen its position along major energy corridors and contribute to energy security and system integration. (Snam)
Snam is a major European gas infrastructure operator, with activities spanning gas transportation, storage and LNG regasification. The company operates a network of approximately 38,000 kilometers across Italy and abroad, while its international activities include stakes in infrastructure in Austria, France, Greece and the UK. Snam is also a shareholder in the Trans Adriatic Pipeline (TAP), the final section of the Southern Gas Corridor. (Snam)
The company’s strategy is increasingly focused on the integration of traditional gas infrastructure with energy-transition activities, including hydrogen, biomethane, carbon capture and storage, and energy efficiency. Snam’s 2026-2030 plan envisages 13.7 billion euros in industrial growth investments, including spending on gas infrastructure, the Ravenna CCS project, a hydrogen backbone and market solutions. (Snam)
Industrie De Nora, listed on Euronext Milan since June 2022, develops technologies and solutions for water treatment and energy-transition applications, including green hydrogen. Snam’s latest annual report lists its stake in De Nora among its national equity investments. (Euronext Live)
Following the transaction, Snam will be subject to a 90-day lock-up on the disposal or transfer of its remaining stake in De Nora, starting from the settlement date, with customary exceptions and subject to the consent of the sole bookrunner.
Goldman Sachs is acting as sole bookrunner for the offering.
Snam’s latest shareholder information for De Nora, updated March 17, 2026, shows Asset Company 10 holding 43.54 million multiple-voting shares, equivalent to 21.59% of De Nora’s share capital and 25.99% of voting rights before this transaction.
