Hellenic Republic Asset Development Fund (HRADF) unanimously accepted on Thursday the improved financial offer of the consortium of the companies Snam SpA, Enagas Internacional SLU and Fluxys SA, of 535 million euros for the acquisition of a 66% stake in Hellenic Gas Transmission System Operator SA (DESFA), i.e. 31% from HRADF and 35% from Hellenic Petroleum SA (HELPE).
The HELPE board of directors has accepted the offer, and an extraordinary general meeting of HELPE shareholders will vote on it, after which the file of the tender process will be submitted to the Court of Audit for approval. The completion of the transaction is conditional to the competent authorities? approvals.
Alantra Greece Corporate Advisors SA and Alpha Bank SA acted as financial advisors to HRADF and Koutalidis Law Firm, Clifford Chance LLP and Holman Fenwick Willan LLP as legal advisors.
Energy Minister Stathakis on agreement
The agreement “is a strategic agreement that positions DESFA in the group of strong companies in Europe, defending and strengthening the public interest,” Environment and Energy Minister George Stathakis said on Thursday.
“The Samaras-Venizelos government had completed the privatization with the winning bid going to Azeri company Socar, at 400 million euros,” Stathakis said. “When that agreement was cancelled, partly because of issues of EU compliance, the present government was criticized as anti-investment, fixated on its own ideas and incompetent,” he added. With this agreement however a greater sale price was achieved and the two bidders participating were respectable consortia. In addition, he said the state retains a 34% stake in DESFA.