The Enagás-Fluxys-Snam consortium acquires 66% of DESFA
July 20, 2018
The European consortium consisting of Snam (60%), Enagás (20%) and Fluxys (20%) signed today in Athens the agreements with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum for the acquisition of a 66% interest in DESFA, the national operator in the natural gas infrastructure sector.
The consortium was awarded in April the tender for the privatization of DESFA on the basis of an offer of 535 million euros. Today’s contracts were signed following authorizations received in recent days by the European Commission and the Hellenic Court of Audit. The completion of the transaction, expected by the end of the year, is subject inter alia to the finalization of the internal reorganization aimed at HRADF and Hellenic Petroleum becoming direct shareholders of DESFA – which is currently held through DEPA – and to the certification of DESFA under the ownership unbundling regime by the Greek regulator RAE.
DESFA owns and operates, under a regulated regime, a high pressure transport network of about 1,500 km, as well as a LNG regasification terminal at Revithoussa.
Greece is an important crossroads for the diversification of gas supplies as well as the opening of new natural gas routes in Europe and may additionally develop as a gas hub for south-eastern Europe.
The consortium has secured a > 10-year non-recourse acquisition financing corresponding to approximately 65% of the enterprise value. The financing is subject to documentation and closing is expected to occur in the next few weeks.
Edited from Fluxys press release.
