Acquisition of a floating storage and regasification unit (FSRU "Golar Tundra") by Snam

On May 31st 2022, Snam S.p.A. signed an agreement with Golar LNG Limited  to acquire a floating storage and regasification unit (FSRU), named "Golar Tundra", for US$350 million. The completion of the transaction occurred simultaneously with the signing of the contracts.

The Golar Tundra has a regasification capacity of 5 billion cubic meters per year and, once in operation, will contribute to about 6.5% of domestic needs thus bringing the Country’s regasification capacity to over 25% of the demand and enhancing the security and diversification of Italy’s energy supplies. The FRSU will be located in central-northern Italy, close to the areas with greatest gas consumption. The Golar Tundra is expected to start operations as an FSRU during the spring of 2023, subject to completion of authorisation, regulatory processes and the construction of the necessary infrastructure connecting the terminal to the existing gas transport network.

Mediobanca acted as sole financial advisor to Snam, providing support in all the phases of the transaction, including among others structuring of the deal, valuation of the target and negotiations with Golar. Moreover, Mediobanca issued a fairness opinion to the Board of Directors of Snam.
The transaction confirms once again Mediobanca long-term relationship with Snam as well as its strong expertise and leadership in the energy sector.