F2i’s board of directors has approved the draft financial statement for the 2009 financial year of SGR, with a net profit of 3.1 million euros. F2i’s managing director, Vito Gamberale, reported that last year was the first and very significant full year for the asset-management company.
F2i, the Italian infrastructure Fund administered by Vito Gamberale, has completed the acquisition of Enel Rete Gas, bringing to term the most significant leveraged buy-out of 2009 in Europe. The consortium formed by F2i and AXA Private Equity named 9 of 11 members of the board of directors. Gianclaudio Neri was named managing director. Enel Rete Gas, with more than 2.1 million customers, is the second-leading gas distributor.
F2i Reti Italia – the corporate vehicle held 75% by F2i and 25% by AXA Private Equity – is acquiring from Enel Distribuzione 80% of Enel Rete Gas SpA, a company active in the natural gas distribution market in Italy.
The consortium formed by F2i (75%) and AXA Private Equity (25%) has initialled an agreement for acquisition from Enel Distribuzione of 80% of Enel Rete Gas, an operator in the strategic infrastructure sector of natural gas distribution in Italy, with more than 2 million users connected to its network and some 3.6 billion cubic meters of gas distributed in 2008. Vito Gamberale, F2i’s managing director, and Mathias Burghardt, head of infrastructure at AXA, stressed the contribution that the operation may make to the development of an energy distribution network in Italy in Europe.
F2i reports that the ordinary and extraordinary general meetings of shareholders were held; the agenda included approval of the financial statement at December 31, 2008, and the appointment as chairman of Ettore Gotti Tedeschi, replacing Salvatore Rebecchini. Following this the board of directors of the Fund administered by Vito Gamberale approved the quarterly report and reviewed progress in investment activities.