VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that it has acquired Totalgaz Italia S.r.l. (“Totalgaz Italia”), the LPG distribution business of TotalErg S.p.A., a joint venture between Total S.A. and Erg S.p.A. Totalgaz Italia serves approximately 65,000 customers in the northern region of Italy, the 9th largest economy in the world, primarily for space heating and industrial applications. The acquisition is expected to be approximately $0.02 per share accretive to UGI in the first year.
John Walsh, president and chief executive officer of UGI Corporation, commented, “We are thrilled to expand our international footprint with this key addition to our European network. Italy has represented one of the few major European markets where we have not had a presence, and is contiguous to our existing service regions in France, Switzerland, and Austria. We expect this acquisition will serve as the platform for further expansion in the region. Along with the acquisition of Dutch energy marketer DVEP in the Netherlands that we announced last month, this transaction represents another example of how UGI continues to seek opportunities to expand its business and grow in highly attractive markets.”
Totalgaz Italia is headquartered in Rome, and will be integrated into UGI International’s Europe East operations.
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in ten states, the District of Columbia and internationally in France, Belgium and the UK. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYSE:APU), the nation's largest retail propane distributor.
Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com.