Snam-led consortium inks DESFA’ s sale agreement
Baku, Azerbaijan, July 20
By Leman Zeynalova – Trend:
The agreement for the sale of DESFA’s 66% stake was signed on July 20th, 2018, between HRADF, Hellenic Petroleum SA and “SENFLUGA Energy Infrastructure Holdings S.A.”, the company set up by the Preferred Investor consortium comprising of the companies Snam S.p.A., Enagás Internacional S.L.U. και Fluxys S.A., for a total bidding offer of 535 million euros, HRADF told Trend.
Mr. Aris Xenofos, Executive Chairman of HRADF signed the Sale and Purchase Agreement (SPA) on behalf of the Fund along with Mr. George Alexopoulos Chairman General Manager Group Strategic Planning & New Activities and Mr. John Apsouris Group General Counsel of HELPE, Mr. Marco Alverà, CEO of Snam, Mr. Marcelino Oreja Arburúa, CEO of Enagás Internacional S.L.U., and Mr. Arno Büx, Chief Commercial Officer of Fluxys S.A. In addition, the Minister of Environment and Energy, Mr. George Stathakis signed the Shareholders Agreement (SHA), representing the Greek State.
The signing took place in the presence of the Ambassador of Italy to Greece, Mr. Efisio Luigi Marras, the Ambassador of Spain to Greece, Mr. Enrique Viquera, the Ambassador of Belgium to Greece, Mr. Luc Liebaut, the Chief Executive Officer of the HRADF, Mr. Riccardo Lambiris, the Deputy Managing Director of HELPE, Mr. Andreas Shiamishis, the Chairman and CEO of DESFA, Mr. Sotiris Nikas etc.
The Sale & Purchase Agreement was signed after the approval from the Court of Auditors and the approval of the Competition Commission. The transaction is expected to be completed by year end.
"This is one of the most successful tenders held by the HRADF, as it attracted considerable investment interest and was characterized by intense competition, resulting in revenue of 251.28 million euros for the privatization program (the remainder of the price being paid to the Hellenic Petroleum). In addition, DESFA’s current business plan foresees the implementation of an investment plan of 330.66 million euros by 2023," said HRADF.
The agreement is of particular strategic importance for DESFA and its prospects as a member of a European consortium with international activities, and in total for the energy sector of Greece.
The Executive Chairman of HRADF, Mr. Aris Xenofos, commented: “A strong European consortium commits to invest in the future of DESFA, while giving a vote of confidence in Greece, which now has the potential to become an important international energy hub for natural gas due to its strategic position”.
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