Marguerite II, managed by Luxembourg infrastructure fund Marguerite, has signed an agreement with Italgas Group to acquire 48.15 percent of the share capital of its subsidiaries Medea and Medea Newco, for an initial investment of approximately €25 million ($28 million).
The transaction also involves approximately €44 million ($49 million) of subsequent capital increases.
Marguerite II is participated by the European Infrastructure Bank and several of the main European national banks. It was launched in 2017 to support the development of projects in the energy, renewables, transport and digital infrastructure sectors, helping to implement the main E.U. policies in the areas of climate change, energy security and trans-European networks.
Italgas Group is the main operator in the gas distribution sector in Sardinia, an island in the Mediterranean Sea. It plans to invest €500 million ($552 million) by 2025 to establish more than 200 kilometers (124 miles) of pipelines across the island. Marguerite II will contribute to the project through the new shareholder agreement.
Italgas has progressively transferred all its assets in Sardinia into its Medea company, which serves 45,000 customers with LPG and is in the progress of building gas distribution networks in 10 out of 19 concessionary basins on the island, according to Italgas.
The transaction is expected to be completed by the end of 2019 and is subject to the fulfilment of certain conditions.