Milbank Advises Public Power Corporation S.A. on Completion of Acquisition of Equity Interests Held by Enel S.p.A in Romania

Milbank LLP advised Public Power Corporation S.A. (“PPC”) in connection with the completion of its acquisition of all the equity interests held by Enel S.p.A. and its subsidiaries in Romania (the “Target Companies”) for a total consideration of approximately €1,240 million (the “Acquisition”), equivalent to an enterprise value of approximately €1,900 million (on a 100% basis). Milbank also advised on all financing aspects of the transaction.

Milbank further advised PPC in connection with the completion of its acquisition of all the equity interests held by Fondul Proprietatea in certain Target Companies for a total consideration of RON650 million (approximately €130 million) (together with the Acquisition, the “Transaction”).

The Transaction represents a transformational event for PPC’s growth strategy with the acquisition of a significant renewables portfolio (both operating and pipeline), leading electricity distribution and supply businesses, as well as PPC’s first material expansion into a new geography.

With the completion of the Transaction, the PPC Group now has a total of approximately nine million customers and the total installed renewables capacity of the PPC Group increases to approximately 4.4GW.

PPC is a leading generator and supplier of electricity in Greece, providing electricity to approximately 5.6 million end-customers. In addition, PPC holds a 51% interest in the Hellenic Electricity Distribution Network Operator S.A., which is the sole owner and operator of the electricity distribution network. For more than 70 years, PPC has been at the forefront of Greece’s power industry and an integral part of the country’s process of electrification. PPC is publicly listed and its shares are traded on the Main Market of the Athens Exchange with a market capitalization of approximately €3.5 billion as of 25 October 2023.

The Milbank team was led by Corporate partner Lisa O’Neill, European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis, Corporate special counsel Andrew Reilly, European Leveraged Finance/Capital Markets special counsel Trevor Truman and Varun Natteri Mangadu, Antitrust partner Andrea Hamilton, Tax special counsel Alan Rafferty, Corporate associates Adam Chang, Drew Macdonald, Gemma Cullen, Hannah Gong and Lewis Whiteoak, Antitrust associate Stephanie Gschossmann, European Leveraged Finance/Capital Markets associates Chara Makrygianni and Alexia Pimbli, and Tax associate Cosmos Fung.