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HFW advises Greek Government on EUR 400 million sale of gas utility company to SOCAR

Energy specialist firm HFW has advised the Hellenic Republic Asset Development Fund on the privatisation of the Greek national gas transmission system operator, DESFA.

The disposal of the Greek State's stake in DESFA is part of the multi-billion privatisation programme being implemented by the Greek Government.

DESFA is the regulated Greek gas utility that runs the natural gas system, including over 1,200 kilometres of main and branch pipelines. It also operates the country's only LNG terminal on the island of Revythoussa, which positions Greece as an important energy transit country between the East and the West.

Under the terms of the transaction, State Oil Company of Azerbaijan Republic (SOCAR) will acquire a 66% stake in DESFA from the Fund and Hellenic Petroleum (the latter has a 35% interest in DESFA) for an aggregate purchase price of EUR 400 million. The Greek State will retain the remaining 34% in DESFA.

The HFW team was led by Alex Kyriakoulis, who advised the Fund on the M&A aspects of the privatisation. The privatisation, which is subject to various conditions, was conducted as an international tender and is an important milestone in the Greek Government's efforts to rebuild the Greek economy following the debt crisis.

Alex Kyriakoulis commented "We are delighted to have advised the Fund on this long-running and complex transaction, which together with the recently announced decision in relation to the transportation of the Shah Deniz II gas via the Trans Adriatic Pipeline (TAP) are very significant developments for Greece and the Southern Gas Corridor generally."

For more information, please contact Tania Phayre, Head of Marketing Communications, on +44 (0)20 7264 8546 or email tania.phayre@hfw.com

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