Preferred investor is Macquarie, Australia

Late at noon, the bidding process for the sale of 49% of the shares of HEDNO SA was completed. Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group (MIRA), emerged as the majority bidder. The management of the company remains with PPC.

The price is in any case beyond expectations and amounted to 2.1 billion euros, confirming the most optimistic forecasts of the PPC management. In this final phase, four investment schemes had qualified with the Australians winning the relevant process.

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.

PPC states that this is the largest privatization that has taken place in Greece, as the offer is the largest ever. 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 with the rest 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, will develop an extensive program for the modernization and digitization of its network and will offer better and higher quality services to all citizens.

The next step is the formation of the Board of Directors to approve the sale and immediately after to pass the general meeting of shareholders

The projected regulated revenues of the company, the positive prospects but also the large investments for the upgrade and modernization of the network, cultivated positive ground and contributed to the successful completion of the tender.

For the regulatory period 2021 – 2024, regulated revenues start at 771 million euros this year and reach 798 million euros in 2024

It should be noted, among other things, that HEDNO is planning an ambitious investment plan for entry into telecommunications.

In this context, the company has initially reached an agreement with Forthnet for the installation of fiber optics in the medium and low voltage network. The company’s business plan for five years envisages investments of around 700 million euros, a project for which there are advanced discussions with the banks.

Source: by

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