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Snam enters exclusive talks to buy Edison gas storage assets in Italy

Reuters
·1-min read

MILAN (Reuters) - Energy group Edison said on Monday it started exclusive talks with gas grid operator Snam over the sale of its natural gas storage assets in Italy.

The move could open the way to a deal worth more than 500 million euros ($542 million) for Edison, which last year decided to test the market's appetite for its storage business saying it did not see a big growth potential for the division.

Snam, which manages Italy's domestic gas network, already operates the bulk of the country's storage system. Regional energy company Ascopiave was also in the race to buy Edison's assets.

($1 = 0.9224 euros)

(Reporting by Francesca Landini; Editing by Chris Reese)