A European consortium including Snam, the majority shareholder with an interest of 60%, together with Enagás (20%) and Fluxys (20%), has won the tender arranged by the Greek Agency for privatization (TAIPED) for the purchase of a 66% stake in DESFA, the national operator in the natural gas infrastructure sector.
TAIPED accepted an offer of 535 million euro for 66% of DESFA share capital presented by the consortium. Discussions have started with Greek and international banks to secure a non-recourse financing package for the acquisition.
DESFA operates Greek’s natural gas network and the country’s only LNG terminal, located on the island of Revithoussa. Snam, Enagás and Fluxys will transfer technical and operational capabilities to DESFA and develop new uses of natural gas to improve the country’s emission reduction process.
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The signing of the agreements for the acquisition is subject to the completion of the further steps as described by the tender procedure and by local legislation on privatization, while the closing of the transaction is expected in the second half of the year.
Earlier this year, in February, Hellenic Republic Asset Development Fund (HRADF) had received two binding offers for the acquisition of 66% of the Hellenic Gas Transmission System Operator S.A.’s (DESFA’s) share capital.
One by the consortium that won, and one by a consortium composed of Regasificadora del Noroeste S.A., Reganosa Asset Investments S.L.U., S.N.T.G.N. Transgaz S.A. and European Bank for Reconstruction and Development (EBRD)
