HomeNewsSnam to acquire partner's stake in Offshore LNG Toscana

Snam to acquire partner's stake in Offshore LNG Toscana

12/12/2025

Snam has agreed to acquire Igneo Infrastructure Partners’ 48.2% interest in OLT – Offshore LNG Toscana S.p.A. (OLT), operating the FSRU Toscana offshore Livorno. The total consideration of the acquisition, including Igneo’s interest as well as the remaining part of the shareholder loan provided by Igneo to OLT, is equal to approximately EUR 126 million.

The transaction is expected to be finalized within the first half of 2026 subject to customary regulatory approvals including obtaining the necessary authorizations under applicable Italian antitrust and golden power regulations. Upon the closing of the transaction, Snam will hold a total stake of 97.3%, resulting in the consolidation of OLT in Snam’s financial statements.

Operating since 2013, OLT contributes to the security of the Italian energy system through the FSRU located about 22 km offshore Livorno with a total yearly capacity of around 5 billion cubic meters (bcm), increased in 2024 from the previous 3.75 bcm, and corresponding to approximately 8% of Italy’s overall gas demand.

“Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7 bcm, meeting approximately one third of overall domestic gas demand, with 205 vessels from more than 10 different countries reaching the five regasification terminals in the country,” commented Snam’s CEO Agostino Scornajenchi. "This transaction is therefore crucial in strengthening Snam's leadership in the LNG business, which today plays a strategic role in guaranteeing Italy's energy security. In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy's strategic geographic position at the crossroads of the main gas flows to Europe," he added.

Gregor Kurth, Partner at Igneo commented “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered, and advance the company's growth. This has allowed OLT to assume today's critical role in Italy's energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past 7 years.  We are pleased to deliver a fantastic outcome for our investors, and pass our interest to someone who has always shared our commitment to OLT’s long-term success, which we are certain will continue to flourish going forward.”

OLT has a 2025 Tariff RAB of about EUR700 million, an expected 2025 Adjusted EBITDA[1], Adjusted Net Income[2] and Net Debt of respectively approximately EUR83 million, EUR25 million and EUR376 million. Implied transaction multiples are around 7.6x on 2025 Adjusted EBITDA and 0.91x on 2025 Tariff RAB. The transaction will be financed by leveraging on the Snam Group's financial flexibility with neutral impact on Snam credit metrics.  Snam’s net profit average accretion from the acquired interest is expected at approximately EUR8 million per year over 2026-2029 period.

In addition to OLT, Snam holds controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including the Panigaglia onshore terminal (100% stake), operating since 1971 near La Spezia, the Adriatic LNG terminal (30% stake), operating since 2009 offshore Rovigo, the Italis FSRU (100% stake), operating since July 2023 offshore Piombino and the BW Singapore FSRU (100% stake), operating since May 2025 offshore Ravenna.

[1] Net of around EUR 37 million of insurance refund.  

[2] Net of around EUR 37 million of insurance refund net of taxes.

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