Consortium of National Fuel Distributors Completes €425m Acquisition of EG Italia
Posted on Jan 28, 2026
On 15 December 2025, the acquisition of EG Italia was completed, in a transaction valued at €425 million. EG Italia, which has carried forward the legacy of Esso Italiana since 2018, operates approximately 1,200 service stations, representing around 6% of the national fuel distribution network, with annual fuel sales of 1.5 billion litres.
The company was acquired by a consortium of leading fuel distribution operators comprising Vega Carburanti, Toil, Dilella Invest, Pad Multienergy and Giap. The transaction aims to generate significant synergies to support the development of the network, including the expansion of services, also in the context of the energy transition.
The banks involved in the financing of Vega Carburanti included, as Original Lenders, Mandated Lead Arrangers, Bookrunners and Underwriters, Banca Monte dei Paschi di Siena, BPER Banca, Cassa Depositi e Prestiti, Deutsche Bank, UniCredit and Banco BPM, the latter also acting as Agent Bank, Global Coordinator and SACE Agent.
The financing of Toil involved Banco BPM, Deutsche Bank and UniCredit as Original Lenders, Mandated Lead Arrangers, Bookrunners and Underwriters, with UniCredit also acting as Agent Bank and SACE Agent.
The financing of Dilella Invest involved UniCredit and Banco BPM as Original Lenders and Mandated Lead Arrangers, with Banco BPM also acting as Agent Bank, SACE Agent, Bookrunner and Underwriter.
Gianni & Origoni assisted Vega Carburanti, Toil and Dilella Invest in obtaining the acquisition financing and advised the outgoing banks—namely Banca Monte dei Paschi di Siena, Banco BPM, Cassa di Risparmio di Bolzano and UniCredit—on matters related to the repayment of Vega Carburanti’s existing bank debt. The team was coordinated by partner Matteo Bragantini and included managing associate Andrea Zorzi and associates Giacomo Tassini and Giovanni Bica. In connection with the financing, Vega Carburanti and Dilella Invest were also assisted by EQUITA as debt advisor, with a team comprising Filippo Guicciardi (CEO, EQUITA Mid Cap Advisory), Andrea Bianchini (Managing Director, EQUITA Mid Cap Advisory) and Francesco Asaro (Director, EQUITA Debt Advisory).
The lending banks for the Vega, Toil and Dilella pools were assisted by Molinari, with a team led by partner Andrea Taurozzi and including associates Francesco Senesi and Daria Davoli, as well as trainee Elia Cossu Lunesu.
Latham & Watkins assisted EG Italia on all matters related to the debt repayment, with a team led by partner Francesco Lione and associates Nicola Nocerino and Davide Chiarito.
