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DESFA sells 66% of its shares for â‚¬535M

20 July 2018 13:42 (UTC +04:00)

A contract to sell-off 66 percent of Greece's state-run Gas Transmission System Operator S.A. (DESFA) was signed on Friday between the country's privatization fund (HRADF) and Hellenic Petroleum (Hel.Pe) group, on the one hand, and the consortium that had submitted the highest offer for the majority stake, Senfluga Energy Infrastructure Holdings S.A.

The deal is worth 535 million euros, and is the result of a memorandum-mandate privatization process that the Greek government agreed to implement, with energy sector liberalization and sell-offs comprising one of the most significant portions of the bailout agreement.

The consortium is comprised of Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A.

The 66-percent stake that will be sold off is comprised of 31 percent owned by the Hellenic Republic Asset Development Fund (HRADF) and Hel.Pe group, with 35 percent.

The transaction and handover of the utility is expected to be completed by the end of the year.

Greek and EU regulatory authorities have already approved the sale, with the contract also clearing an obligatory Court of Audit review.