ECONOMY

Power grid operator DEDDIE attracts 11 investors

power-grid-operator-deddie-attracts-11-investors

Eleven investors have expressed interest in an auction for a minority stake in Greece’s sole power network operator, DEDDIE, power utility Public Power Corporation said on Friday.

Strategic investors, grid operators and investment funds submitted expressions of interest for a 49% stake in DEDDIE by Friday’s deadline, PPC, which fully owns DEDDIE and is managing the sale, said in a statement. PPC, the country’s biggest state-owned power utility, did not disclose the names of the investors.

People familiar with the tender have told Reuters that asset managers Ardian, Macquarie and First Sentier were among the potential bidders for the sale.

DEDDIE operates a 242,000-kilometer long grid bringing electricity to about 7 million households and businesses across the country. Given its enterprise value of about 5 billion euros, the stake could be worth around €2.45 billion.

PPC will evaluate which investors qualify to participate in the next stage of the auction, the submission of binding financial bids.

DEDDIE plans to spend about €1.5 billion by 2023 to upgrade its network, which has been hurt by underspending during a decade-long financial crisis in Greece. [Reuters]