1 minuteHELLENIC PETROLEUM announces the successful completion of the sale of 66% of DESFA’s share capital (31% for HRADF and 35% for HELPE S.A.) to “SENFLUGA Energy Infrastructure Holdings S.A.”, a JV of Snam S.p.A, Enagás Internacional S.L.U. and Fluxys S.A., as well as the payment of the total consideration of €535 million. The share of proceeds for HELLENIC PETROLEUM amounted to €283.7 million.
The process of selling 66% of DESFA's shares by the two shareholders, HRADF and HELPE, was initiated in June 2017 via an international tender. After two rounds of binding offers, “SENFLUGA Energy Infrastructure Holdings S.A.” was announced on 16 April 2018 as the preferred bidder and following successful pre-contractual review by the Court of Audit, the sale and purchase agreement was signed on 20 July 2018.
Completion followed all necessary approvals by the European and Greek regulatory authorities.
The successful completion of the transaction is a key milestone, as it is fully aligned with the Group's strategy to maximize the value of its non-core business participations, accelerate de-leverage and strengthen its financial position.