Latham & Watkins Advises on Ital Gas Storage’s Acquisition by F2i

Italian deal team represents Sandstone Holding BV, Whysol Investments and Ital Gas Storage in the transaction.

August 13, 2021

Latham & Watkins advised Ital Gas Storage S.p.A. (IGS), an independent company that manages the natural gas storage facility in Cornegliano Laudense, and its owners Sandstone Holding BV and Whysol Investments, on an agreement with F2i Sgr, Italy’s leading infrastructure fund manager, to acquire IGS.

The agreement provides for an initial sale of 51% of IGS by the current owners Sandstone Holding BV, a subsidiary of North Haven Infrastructure Partners II, a fund managed by Morgan Stanley Infrastructure (92.5%) and Whysol Investments (7.5%), an independent investment company founded and led by Alberto Bitetto, to three funds managed by F2i, namely F2i - Fund for Sustainable Infrastructure, Third F2i Fund, and F2i-Ania Fund. The sale of the remaining 49% of the share capital will take place in 2023.

The IGS storage facility, which was built on a depleted natural gas field, has a capacity of 1.6 billion cubic metres and is one of the most technologically advanced in the world.

The Latham team was led by Milan corporate partner Stefano Sciolla with associates Giovanni Spedicato, Maria Giulia De Cesari, Federica Di Terlizzi, and Mattia Siena. Advice on regulatory matters was provided by counsel Cesare Milani and associate Edoardo Cassinelli.

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