|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||11.48 - 11.48|
|52 Week Range||6.82 - 11.60|
|Beta (5Y Monthly)||0.36|
|PE Ratio (TTM)||18.28|
|Forward Dividend & Yield||0.64 (5.56%)|
|Ex-Dividend Date||Jun 22, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Italy’s Snam SpA agreed to buy 33% of electrochemical tech firm Industrie De Nora SpA as part of its expansion into the hydrogen business.Europe’s largest gas pipeline company is purchasing a minority stake in the Italian designer, manufacturer and supplier of electrode and water technology from The Blackstone Group Inc., confirming an earlier report by Bloomberg News. De Nora is valued at 1.2 billion euros ($1.4 billion) including debt.The accord is part of Snam Chief Executive Officer Marco Alvera’s push into the technology after the European Union put hydrogen at the heart of measures to cut greenhouse gases and reach climate-neutrality by 2050.Hydrogen, if made with renewables, could replace coal, oil, and eventually natural gas, and help eliminate about a third of emissions from industries like steel and cement by mid-century, according to Bloomberg NEF.De Nora is not Snam’s first move into hydrogen. The company agreed last month to invest in ITM Power Plc, which produces electrolyzers, a crucial component in hydrogen technology. It also has a partnership with state rail company Ferrovie dello Stato Italiane SpA for hydrogen-powered train technology.Goldman Sachs Group Inc. estimates that the hydrogen market could be worth 10 trillion euros by 2050 globally for utilities alone.Blackstone was advised by Lazard and Mediobanca for the sale. Snam was advised by Bank of America Merrill Lynch.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Italian gas group Snam has signed an agreement with truck maker IVECO and power train manufacturer FPT Industrial to develop gas and hydrogen infrastructure in the transport sector at home and abroad. Under the agreement, IVECO and FPT, both controlled by CNH Industrial, will work with Snam on natural gas and hydrogen systems for use in light- and heavy-duty commercial vehicles and in local public transport. The deal follows a series of agreements signed by Snam to use biogas, natural gas and hydrogen in the transport sector, especially in heavy vehicles where electrification is not an easy solution.
Moody's Investors Service, (Moody's) has today assigned a Aa2 rating to the senior secured amortising bonds (the Bonds) to be issued by Galaxy Pipeline Assets Bidco Ltd (Galaxy BidCo, or the Issuer). Galaxy BidCo purchased, in July 2020, a 47.7% interest in ADNOC Gas Pipeline Assets LLC (AssetCo). AssetCo, a limited-purpose entity under the laws of Abu Dhabi, Government of (Government of Abu Dhabi, Aa2 stable), United Arab Emirates, Government of (Government of United Arab Emirates, Aa2 stable), entered into a 20-year agreement (expiring June 2040) with Abu Dhabi National Oil Company (ADNOC) to lease a network of 38 onshore pipelines covering 982.3km in Abu Dhabi.