Australian company declared highest bidder for stake in Greece’s national grid operator

·

Australian infrastructure giant, Macquarie, has been declared the highest bidder to buy 49% of Greece’s national grid operator, its owner PPC announced on Friday.

DEI said Spear WTE Investments, a member of the Macquarie Infrastructure and Real Assets Group (MIRA), was offering €2.116 billion for the stake in the Hellenic Electricity Distribution Network Operator (HEDNO), an offer that valued the company at 151% of its adjusted asset base.

PPC sources said it was the biggest privatisation in Greek history and noted that PPC will be able to significantly reduce its borrowing while it will also fund its investment program in renewable energy sources.

At the same time, HEDNO, with the support and know-how over an international partner and under PPC’s management, will develop an expanded modernisation and digitalisation program of its network, offering better and more quality services.

PPC said Macquarie’s offer included net debt worth €804 million.

Source: Ekathimerini.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Hellenic spirit shines at the opening of the Odyssey Greek Festival 2025

The opening night of the 2025 Odyssey Greek Festival was a vibrant celebration of culture, memory, and community

Areti Ketime brings the spirit of rebetiko to Melbourne for the Zeibekiko Festival

The Zeibekiko Festival has returned for its third year this month with a lively Rebetika performance in Melbourne by singer Areti Ketime. 

Literary memorial in Sydney honours the legacy of esteemed scholar Dr George Kanarakis

A literary memorial in honour of Greek academic and internationally renowned linguist of Australia, Dr George Kanarakis, was held on Tuesday.

Memorial service to be held in Sydney to honour the life of Chris Felemegas

A memorial service will be held in Sydney on Sunday, October 12, to honour the life of Chris Felemegas, a figure remembered for his warmth.

Greek Deputy Foreign Minister Ioannis Loverdos meets Archbishop Makarios in Sydney

Greek Deputy Minister of Foreign Affairs for Hellenism Abroad, Ioannis Loverdos, met with Archbishop Makarios of Australia on Tuesday.

You May Also Like

Greece, Egypt seek Biden role in East Mediterranean dispute

Kyriakos Mitsotakis has said he expects US President-elect Joe Biden to play a more active role in easing tension in the east Med.

Luncheon pays tribute to Anzacs who fought in the Battle of Crete and the Greek Campaign

Greeks paid their respects to the Anzacs who fought in the Battle of Crete and the Greek Campaign at the 'Anzacs of Greece' luncheon.

Greece among 65 countries demanding safe passage of people out of Afghanistan

Greece has joined 65 other countries in asking that Afghans and international citizens who wish to depart, be allowed to do so.