Italian energy infrastructure operator Snam has reached an agreement to acquire Igneo Infrastructure Partners’ 48.2% stake in Offshore LNG Toscana (OLT) for approximately €126m ($147.9m).
OLT is the operator of the floating storage and regasification unit (FSRU) Toscana, located approximately 22km off the coast of Livorno, Italy.
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The deal covers both Igneo’s equity interest and the outstanding portion of a shareholder loan provided by Igneo to OLT.
Snam expects the transaction to complete in the first half of 2026, subject to regulatory approvals including clearance under Italian anti-trust and golden power rules.
Upon completion, Snam’s ownership in OLT will increase to 97.3%, enabling the company to consolidate OLT’s results in its financial statements.
Snam CEO Agostino Scornajenchi said: “Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7bcm [billion cubic metres], meeting approximately one third of overall domestic gas demand, with 205 vessels from more than ten different countries reaching the five regasification terminals in the country.
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By GlobalData“This transaction is therefore crucial in strengthening Snam’s leadership in the LNG business, which today plays a strategic role in guaranteeing Italy’s energy security.
“In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy’s strategic geographic position at the crossroads of the main gas flows to Europe.”
OLT, which has been operational since 2013, increased its annual regasification capacity to approximately 5bcm in 2024, up from the previous 3.75bcm. This represents around 8% of Italy’s total gas demand.
Snam plans to finance the acquisition using its existing financial resources, maintaining its neutral credit metrics.
The company anticipates an average annual increase of €8m in net profit from the acquired interest between 2026 and 2029.
In addition to OLT, Snam holds 100% stakes in the Panigaglia onshore LNG regasification terminal, the Italis FSRU offshore Piombino, the BW Singapore FSRU offshore Ravenna and a 30% stake in the Adriatic LNG terminal offshore Rovigo.
Igneo partner Gregor Kurth said: “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered and advance the company’s growth.
“This has allowed OLT to assume today’s critical role in Italy’s energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past seven years.
“We are pleased to deliver a fantastic outcome for our investors, and pass our interest to someone who has always shared our commitment to OLT’s long-term success, which we are certain will continue to flourish going forward.”
In April this year, Snam signed an agreement with Abu Dhabi’s Infinity Investments to acquire a 24.99% stake in Vier Gas Holding for €920m.
