On 10 January, Snam completed its purchase of 49.9% of Eni’s, directly and indirectly held, stake in the companies that manage the two groups of gas pipelines connecting Algeria to Italy (the on-shore gas pipeline TTPC and the off-shore gas pipeline TMPC), for approximately EUR 405 million.

The scope of the transaction includes the onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisian coast (TTPC), and the offshore gas pipelines connecting the Tunisian coast to Italy (TMPC). The transaction leverages Eni’s and Snam’s respective areas of expertise in gas transport on a strategic route for the security of Italy’s natural gas supply, enabling potential development initiatives within the hydrogen value chain also thanks to the natural resources North Africa has to offer

Snam company was assisted by BonelliErede, Cleary Gottlieb and PwC; in the case of Eni, it was assisted by Gianni & Origoni; and Ferchiou & Associés acted as joint local counsel for Snam and Eni for Tunisian law aspects.

All firms involved in the partnership

Snam's in-house legal team that managed the transaction consisted of Umberto Baldi, Lorenzo Marcelli Flori and Salvatore Branca.

The Bonelli Erede team consisted of Alberto Saravalle, partner and member of the Infrastructure team; Niccolò Baccetti, partner and member of the Energy and Green Transition team; Francesca Peruzzi, senior associate, and Giulia Raffaelli, junior associate, who handled the corporate law and M&A aspects.

Alberto Saravalle (Image: Barabino & Partners)

Luca Perfetti, partner and member of the Infrastructure Team, assisted by Andrea Gemmi, junior associate, dealt with the gold energy regulatory aspects.

Cleary Gottlieb acted alongside Snam to handle all competition law and unbundling aspects with a team made up of Mario Siragusa, senior counsel, Matteo Beretta, partner, Luciana Bellia, senior attorney, and Alessandro Comino, associate. 

Matteo Beretta (Image: Barabino & Partners)

On the other hand, PwC TLS assisted Snam with all the tax aspects, with a team coordinated by Alessandro Di Stefano, partner, and Marco Napolitano, flanked by Giorgio Massa, partner, Giuseppe Fortunato, Ludovica Conti and Francesco Di Giandomenico. 

Eni was assisted by Gianni & Origoni, with a team coordinated by Eugenio Grippo and Magda Serriello, partners, who handled the M&A and corporate aspects and were assisted by Franco Zeppieri, associate.

Magda Serriello (Image: Barabino & Partners)

The antitrust aspects were handled by Matteo Padellaro, partner, and Luca Villani, associate. Eni’s in-house legal team comprised Federica Andreoni, Manlio Tucci and Gioia Tombolesi.