Milbank LLP has represented Public Power Corporation (PPC), Greece’s biggest power utility, in 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. Commenting on the development, Mark Stamp said, “We are delighted to advise Public Power Corporation on this landmark transaction and with the premium price achieved on this highly desirable asset.”
The Milbank team was led by partners Mark Stamp and Apostolos Gkoutzinis, and supported by associates James Mackay, Iakovos Anagnostopoulos and Chara Makrygianni.
