Australia's Macquarie to buy HEDNO in Greece's most extensive privatisation


ATHENS -- Spear WTE Investments Sarl, a member of Macquarie Infrastructure and Real Assets Group (MIRA), on Friday was declared the highest bidder in a tender to buy 49% of Hellenic Electricity Distribution Network Operator (HEDNO) offering 2.116 billion euros.

Public Power Corporation, in an announcement said that the offer was valuing the company at 151% of its adjusted asset base, while PPC is expected to have a final decision.

PPC sources said it was the biggest privatization in Greek history and noted that PPC will be able to significantly reduce its borrowing (the debt/net earnings rate will fall below 3). At the same time, it will also fund its investment programme on renewable energy sources.

At the same time, HEDNO, with the support and know-how over an international partner -and under PPC's management- will develop an expanded programme of modernisation and digitalisation of its network, offering better and more quality services.

PPC said Macquarie's offer included net debt worth 804 million euros.

Based in Sydney, Macquarie is a global financial services group operating in 32 markets in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advisory, capital raising and principal investment.

It has a diversity of operations that have contributed to a 52-year record of unbroken profitability. Last month, it finalised a deal with Italy's Enel to acquire a 40 per cent equity interest in the Open Fiber network for 2.12 billion euros.