PPC S.A., following the announcement dated 3.9.2021, informs that, the bidding process for the sale of 49% of HEDNO S.A. share capital has been completed.
Spear WTE Investments Sarl, member of the Macquarie Infrastructure and Real Assets Group (MIRA), was the highest bidder with an offer that values 49% of HEDNO’s Enterprise Value at € 2,116 mn (including pro-rata net debt of € 804 mn).
The offer reflects a valuation to RAB of 151%.
The final decision will be made by the competent corporate bodies of PPC S.A.
With a book value of some 3.5 billion euros, HEDNO is one of the most prized assets up for sale in Greece’s power market. Investors see large opportunities in HEDNO's 239,000-kilometer distribution network due to investments needed to upgrade it and the ability to chain onto the network 5G fiber optics cables that can provide an array of telecom and internet services.
HEDNO S.A. (Hellenic Electricity Distribution Network Operator S.A.) was formed by the separation of the Distribution Department from PPC S.A., according to L.4001/2011 and in compliance with 2009/72/EC EU Directive relative to the electricity market organization with the goal to undertake the tasks of the Hellenic Electricity Distribution Network Operator. It is a 100% subsidiary of PPC S.A., however, it is independent in operation and management retaining all the independence requirements that are incorporated within the above mentioned legislative framework.
«Our company tasks include the operation, maintenance and development of the power distribution network in Greece, as well as the assurance of a transparent and impartial access of consumers and of all network users in general. We aim at providing reliable power supply to our Customers, quality of electricity voltage and constant improvement of quality in services.
Our mission and vision is the response to our Customers’ expectations and the contribution to the development and welfare of our fellow citizens with respect to people and to the environment.»