A consortium comprising F2i infrastructure fund and AXA Private Equity will purchase the assets for about EUR772m ($1.13bn).

This transaction is part of GDF Suez’s asset optimization program of EUR10bn ($14.65bn) by 2013.

The company has decided to focus its development in Italy principally around the production of electricity, and marketing electricity and natural gas.

The transaction, which is subject to regulatory approvals, is expected to be closed during the fourth quarter of this year.