Alantra advised the Hellenic Republic Asset Development Fund in the sale of a 66% stake in DESFA

Jul 2018

Sell-side advisory

Alantra acted as lead sell side Alantra advised the Hellenic Republic Asset Development Fund (“HRADF”), the Greek privatisation agency, in the sale of a 66% stake in DESFA, the Greek gas Transmission System Operator, to a consortium composed by Snam, Enagas and Fluxys for an amount of €535m.

DESFA is the Greek gas Transmission System Operator and owns, operates and develops the Greek Natural Gas Transmission System, which has a total length of c. 1,460km, and Greece’s only LNG terminal in Revythousa Island. The company reported revenues of ‎€269m. and total assets of ‎€1.569bn. in 2017.

HRADF, since its foundation in 2011, leverages the State private property assigned to it by Hellenic Republic. HRADF is in close cooperation with the Greek Government, and promotes the implementation of privatizations in the country, having full responsibility for the application of the respective policy.

This is one of the most successful and fastest executed privatizations since the inception of HRADF, as the transaction value exceeded previous unsuccessful efforts to privatize DESFA by more than 40%. In addition, DESFA’s current business plan foresees the implementation of an investment plan of €330.66m by 2023. Most importantly, this privatization was executed based on the Full Ownership Unbundling regime, fostering the liberalization of the Greek energy markets.