At a price that exceeds all expectations, a 2.1 billion euros company – member of the large Australian fund acquires 49% of HEDNO.
As the parent company PPC announced: “The majority of bidders were Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group (MIRA), with an offer that values 49% of the value of HEDNO (Enterprise Value) at € 2,116 million, including the corresponding (pro-rata) net debt of € 804 million.”
According to PPC, “the offer refers to a valuation which amounts to 151% of the Regulated Asset Base. The final decision will be taken by the competent corporate bodies of PPC SA.”
What does the sale mean?
According to sources, with the opening of the financial bids for 49% of HEDNO, the bidding process is successfully completed.
It is said that it is the largest privatization that has taken place in Greece, as its offer is the largest that has ever been made. It is worth noting that the process was completed within 8 months, without any problems or delays.
PPC sources state that, since the beginning of the tender, there has been great international interest from 9 investors, something that led to the submission of binding offers from 4 investment giants with a total capital under management of €1 trillion.
Company executives emphasize that the offer amounted to €2.1 billion for 49% of the value of HEDNO (Enterprise Value), including the corresponding (pro-rata) net debt of €0.8 billion and refers to a valuation which amounts to 151% of the Regulated Asset Base.