Public Power Corporation’s Sale of a 49% Stake in HEDNO

In UK Milbank LLP, advised on the matter.

Milbank LLP advised Public Power Corporation, S.A. with a team including Apostolos Gkoutzinis (Corporate M&A), Mark Stamp (Picture – Corporate M&A).

Public Power Corporation (PPC), Greece’s biggest power utility, announced its competitive auction process for the sale of a 49% stake in the Hellenic Electricity Distribution Network Operator (HEDNO), the country’s sole power grid operator.

Following receipt of bids from four international institutional investors, PPC has declared Macquarie Infrastructure and Real Assets Group (MIRA) the preferred bidder, with an offer of €2.116 billion for the stake in HEDNO, including €804 million of net debt. The proposed transaction would mark the largest Greek privatisation in recent history. HEDNO operates a 242,000 km long grid, which brings electricity to about 7 million households and businesses across Greece.

The proposed transaction remains subject to PPC board and shareholder approval and customary closing conditions.

The Milbank team was led by partners Mark Stamp (Picture) and Apostolos Gkoutzinis, and supported by associates James Mackay, Iakovos Anagnostopoulos and Chara Makrygianni.

Involved fees earner: Iakovos Anagnostopoulos – Milbank LLP; Apostolos Gkoutzinis – Milbank LLP; James Mackay – Milbank LLP; Chara Makrygianni – Milbank LLP; Mark Stamp – Milbank LLP;

Law Firms: Milbank LLP;

Clients: Public Power Corporation, S.A.;

Author: Giulia Di Palma