GDF Suez sales of natural gas distribution assets in Italy

GDF Suez, France's leading utility companies have decided to sell its gas distribution business in Italy, the infrastructure fund F2i Italy and AXA Private Equity Fund to promote renewable energy activities.

In a statement issued late on Monday, the French group said the transaction worth 772 million euros (1.13 billion U.S. dollars), will be finalized during the last three months of 2011.

"After adjusting its energy sector partnerships, Gaz de France Suez Group has decided to focus its attention on the development of the main focus in the Italian electricity production, mainly from renewable energy, electricity and gas markets, " the group said.

The new transaction is part of GDF Suez's 10-billion-euro (14.67-billion-dollar) program of asset sales by 2013 to reduce its debts.

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