Following an international tender, and pursuant to the share purchase agreement dated 20.07.2018, HRADF and HELPE, holders of 65% and 35% of DESFA’s share capital, respectively, transferred to SENFLUGA Energy Infrastructure Holding SA (SNAM CONSORTIUM), for a consideration of €353,100,000, 66% of the shares of DESFA (31% owned by HRADF and 35% owned by HELPE) while the remaining 34% of HRADF’s shareholding was transferred to the Greek State.
The total valuation of 100% of the shares of DESFA amounted to €535,000,000.
The shareholding structure of Senfluga (SNAM CONSORTIUM) at the time of the transaction was as follows: SNAM S.p.A. (60%), ENAGAS INTERNATIONAL SLU (20%), FLUXYS SLU (20%).
In 2020, through DAMCO, the Copelouzos Group acquired 10% of the SENFLUGA Consortium, resulting in the following shareholding structure: SNAM S.p.A. (54%), ENAGAS INTERNATIONAL SLU (18%), FLUXYS SLU (18%), DAMCO (10%).
The Hellenic Gas Transmission System Operator (DESFA) was founded in Athens in 2007 and has its registered offices at 357-359 Mesogeion Avenue, in the Municipality of Halandri, Region of Attica, Greece. It was the result of the split-off of the gas division from DEPA SA (as its 100% subsidiary) on 30 June 2006, on which date the company drew up its pre-split-off balance sheet, in accordance with the provisions of Law 2166/1993 and Law 3428/2005. The company’s effective term was ninety-nine (99) years from the date of registration in the Companies Register and may be extended by decision of the General Meeting of Shareholders.
The scope of the company is the operation, maintenance, management, exploitation and development of the National Natural Gas System (NNGS) in Greece, as defined by Article 6 of Law 3428/2005, including its interconnections, so that the NNGS operates in a cost-effective manner, is technically sound and complete, and is able to meet the needs of users, as set out in Article 2, par. 31 of Law 3428/2005, for natural gas in a safe, sufficient and cost-efficient way.
HRADF appointed Alpha Bank and Alantra as financial advisors and the law firms Clifford Chance and Koutalidis as legal advisors in order to assist with the privatisation.
