ECONOMY

Italgas named preferred bidder for Greek gas grid

italgas-named-preferred-bidder-for-greek-gas-grid

The Greek privatization agency TAIPED has named Italgas as the preferred bidder in a tender for the sale of state-controlled gas distribution network DEPA Infrastructure, it said on Thursday.

Greece is selling a 65% stake in DEPA Infrastructure and its biggest oil refiner, Hellenic Petroleum, the remaining 35%.

Italgas outbid Czech group EP Investment Advisors, which is managing the sale, asked the Italian firm to improve its financial bid for the gas grid.

On Thursday, TAIPED unsealed Italgas’ improved offer, which includes an upfront fee of 733 million euros ($866 million) and both it and Hellenic approved it, the agency said.

Athens aims to raise 1.8 billion euros from the sale of state assets this year, up from about 50 million euros last year, as part of efforts to help pull its fragile economy out of the coronavirus pandemic after a decade-long financial crisis.

A Greek court of auditors will need to approve the tender file for the transaction to be completed, TAIPED said. [Reuters]