Australian company, Macquarie, given minority stake in Greece’s national grid operator

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Public Power Corporation (PPC), Greece’s biggest power utility, has agreed to sell a minority stake in the country’s sole power grid operator, DEDDIE, to Macquarie Asset Management, PPC and Macquarie said on Wednesday.

READ MORE: Australian company declared highest bidder for stake in Greece’s national grid operator.

PPC last month named Macquarie as the preferred bidder for a 49% stake in DEDDIE. Macquarie’s offer valued the stake at 2.1 billion euros, including debt of €804 million.

PPC sources also said in September that Macquarie’s bid was the biggest privatisation in Greek history.

Macquarie Asset Management will invest in PPC on behalf of institutional investors, including pension funds and insurance companies, PPC and Macquarie said in a joint statement.

READ MORE: Macquarie named preferred bidder for stake in Greek power grid operator.

PPC will retain a 51% stake in HEDNO, which operates a 242,000 km long grid, bringing electricity to about 7 million households and businesses.

Source: Reuters.

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