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49% of Greek Electricity Distribution Network Operator majority stake bought out by Australian company for record €2.1 bln

With a record price of 2.1 billion euros, Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group (MIRA), was declared the preferred investor for the acquisition of a 49% stake of the Hellenic Electricity Distribution Network Operator (HEDNO) shares.

On Friday 10 September, the financial bids of the four candidates were unsealed, confirming the most optimistic forecasts of the PPC management.

As announced, the investment company’s offer values ​​49% of the value of HEDNO (Enterprise Value) at € 2,116 million including the corresponding (pro-rata) net debt of €804 million which amounts to 151% of the Regulated Asset Base.

The final decision will be taken by the competent corporate bodies of PPC SA.

With the opening of the financial bids for 49% of HEDNO, the bidding process is successfully completed.

This is the largest privatisation that has taken place in Greece. The process was completed within 8 months, without any problems or delays.

With this amount, PPC will significantly reduce its borrowing (Net Debt / EBITDA) below 3x, while it will finance its significant investment plan in RES, which will lead even faster to decoupling from imported and polluting forms of energy.

At the same time, HEDNO, with the support and know-how of an international partner – and under the management of PPC – will develop an extensive program of modernisation and digitisation of its network and will offer better and more quality services for all citizens.

MIRA has partnered with clients, governments, and communities to finance, manage, develop and enhance essential real assets. Today, MIRA’s portfolio is relied on by more than 100 million people every day. Our team of over 900 people invests in businesses that underpin economies and communities – aiming to add real and lasting value for our clients and the people our assets serve. MIRA manages $US148 billion in assets, including over 150 portfolio businesses, approximately 480 properties, and 4.7 million hectares of farmland.

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