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.
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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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