Four suitors for the 24% of ITSO

Four suitors for the 24% of ITSO

Athens, July 27, 2016/Independent Balkan News Agency

By Spiros Sideris

H Italian TERNA, French RTE and two Chinese, the China State Grid and China Southern Power Grid, all network operators, have expressed (non-binding) interest in buying 24% of ITSO PPC, completing the first phase of the competition.

In the second phase, eligible participants will carry out a comprehensive audit (due diligence) and will be invited to submit binding financial offers.

Initially, the Reuters quoting a Greek official had spoken of expressions of interest from three companies. However, adds the agency in a newest telegram, a fourth company, China Southern Power Grid Co., said that it is available to cooperate with any of the three.

The sale of a share of ITSO is a memorandum commitment of the country and if not kept, the PPC will have to sell 100% of the ITSO by 2017. The preferred strategic investor for the ITSO will be selected by October 31cthis year and the sale is to be completed by February 2017.

The PPC announcement

“The Public Power Corporation announces that the first phase of the tender procedure for the acquisition of 24% of the share capital ITSO is completed.

Four Expressions of Interest have been submitted.

PPC, implementing the Decision of the General Meeting of July 11, 2016, will examine the submitted Expressions of Interest and will invite eligible participants in accordance with the criteria set out in the Invitation for Expression of Interest for their participation in the second phase of the process.

In the second phase, eligible participants will carry out a comprehensive audit (due diligence) and will be invited to submit binding financial offers for the acquisition of 24% of share capital of ITSO.

The HSBC Bank plc, the Citigroup Global Markets Ltd., and the NBG Securities are acting as financial advisors, while Rokas as solicitor of PPC in the tendering process for the ITSO”.