A subsidiary of Australia-based Macquarie Infrastructure and Real Assets Group (MIRA) has submitted the highest bid – reaching 2.1 billion euros – for 49 percent of Greece’s Hellenic Electricity Distribution Network Operator S.A. (DEDDIE or HEDNO), a currently wholly owned subsidiary of ATHEX-listed Public Power Corp. (PPC).
The bid by Spear WTE Investments Sarl is considered as much higher than forecast, given that only a minority share capital of the power transmission operator is up for sale, and not its management.
According to a press release by PPC, the dominant power utility in the east Mediterranean country, the bid reaches 151 percent of the Regulated Asset Base.
Final approval by PPC’s board of directors and Greek regulatory authorities is now pending.
Utility analysts in Athens on Friday referred to the biggest ever privatization in Greece, larger by value that the Port of Piraeus sale.
The tender was also noteworthy for being completed in eight months without delay.