Germany's E.On has sold E.On Rete, a gas distribution business in Italy, to Italian and French infrastructure investment funds for about ?290 million ($382 million). Of the deal struck with Italy's F2i and France's AXA Private Equity, ?255 million is cash, E.On said. E.On board member Bernhard Reuters- berg said Verona-based E.On Rete is a “rela- tively small asset,” which offered “almost no opportunities to achieve significant scale ad- vantages within the distribution business in Italy.” Italy is Europe's biggest gas market af- ter the UK and Germany. It used 76.3 Bcm of gas in 2009, according to Eurogas data.
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