Snam, Enagás, Fluxys complete DESFA stake purchase

Snam, Enagás, Fluxys complete DESFA stake purchaseRevithoussa LNG terminal (Image courtesy of DESFA)

The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA. 

The purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum, the companies said in a statement.

The consortium, which was awarded the tender for the DESFA privatization in April 2018, made the acquisition through Senfluga Energy Infrastructure Holdings.

The consortium has obtained a 10-year non-recourse acquisition financing corresponding to approximately 65 percent of the enterprise value.

DESFA owns and operates, a high-pressure transport network of about 1,500 km, as well as a regasification terminal at Revithoussa.

Greece, an important crossroads for diversification of supplies and the opening of new natural gas routes in Europe, has further development potential as a hub in South-East Europe, the statement reads.

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