BAKU, Azerbaijan, September 22. Snam has completed the sale of approximately 10 million existing ordinary shares in Industrie De Nora to institutional investors at €6.69 per share, generating gross proceeds of around €67 million, the Italian energy infrastructure company said.
The shares were sold by Asset Company 10 S.r.l., a wholly owned subsidiary of Snam, following the launch of the accelerated bookbuilding process announced on September 21.
"Following the transaction, Asset Company 10 retains approximately 33 million multiple-voting shares in Industrie De Nora, representing around 16.6% of the company's share capital," said Snam.
The seller has agreed not to transfer or dispose of its remaining stake for 90 days following settlement of the sale, subject to customary exceptions and the consent of the sole bookrunner, Goldman Sachs, which arranged the accelerated bookbuilding offering.
Latham & Watkins advised the seller on the transaction.
On September 21, Snam announced the launch of the sale of approximately 10 million Industrie De Nora shares, corresponding to around 5% of the company's share capital, through an accelerated bookbuilding process reserved for institutional investors.
The transaction forms part of Snam's asset-rotation program under its 2026–2030 Strategic Plan. The company has outlined an asset-rotation target of around €3 billion as part of its strategy to optimize its portfolio and reallocate capital toward its core businesses and energy-transition activities.
Industrie De Nora is an Italian company specializing in electrochemical technologies and solutions, with activities spanning water treatment, industrial applications and technologies supporting the production of green hydrogen. The company has been listed on Euronext Milan since June 2022.
Before the latest transaction, Asset Company 10 held approximately 43.54 million multiple-voting shares in Industrie De Nora, representing 21.59% of the company's share capital and 25.99% of its voting rights.
