UGI International completed the sale of UniverGas, its LPG distribution business in Italy, to Italian energy companies Goldengas, SCG Gas and Beyfin. (Source: Shutterstock)
UGI International LLC completed the sale of its LPG distribution business in Italy—UniverGas— to Italian energy companies Goldengas, SCG Gas and Beyfin, according to a July 1 press release.
Financial terms and ownership interests of the transaction were not disclosed.
The divestment was part of portfolio optimization efforts at UGI International. The deal is designed to focus resources on core markets where it can achieve “superior operational results,” the company said.
Proceeds of the sale will be used primarily to support debt repayment to UGI Corp., consistent with its capital allocation priorities.
“By exiting this market, which has historically represented less than 5% of UGI International's EBIT, we can concentrate our resources and investments to deliver the greatest value to our customers and stakeholders while maintaining our competitive position,” said Julie Fazio, president of UGI International.
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