Greece Accepts Snam-Led Consortium Bid for Stake in Gas Operator DESFA
April 19 2018 - 12:08PM
Dow Jones News
By Nektaria Stamouli
ATHENS--A consortium led by Italian gas-infrastructure company
Snam will acquire a majority stake in Greece's gas-grid operator
DESFA, Greece's state-privatization fund said on Thursday.
The consortium comprising by Italy's Snam SpA (SRG.MI), Spain's
Enagas Internacional and Fluxys Belgium SA (FLUX.BT) submitted an
offer of EUR535 million ($662.1 million) for the acquisition of a
66% stake in Desfa, according to a statement by the country's
sell-off fund.
The fund said it accepted the offer and named the consortium the
"preferred investor."
"The completion of the transaction is conditional to the
competent authorities' approvals," the state-privatization fund
said.
Greece relaunched the tender for a 66% stake in DESFA last year
after a 400 million-euro deal with Azerbaijan's SOCAR collapsed in
2016. The sale is part of the privatization program Greece agreed
to under the terms of its third bailout.
Under the agreed timetable the sale should be completed by June,
before Greece's third bailout program expires in August.
DESFA transports gas from the Greek-Bulgarian and Greek-Turkish
borders via a 1,459-km pipeline.
Write to Nektaria Stamouli at nektaria.stamouli@wsj.com
(END) Dow Jones Newswires
April 19, 2018 11:53 ET (15:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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