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HFW Advises Greek State on €535m Sale of Gas Transmission Operator

24 July 2018

Global, sector-focused law firm HFW has advised the Hellenic Republic Asset Development Fund (HRADF) on the €535 million sale of its 66 percent stake in Greek natural gas transmission system operator DESFA.

The stake will be acquired, subject to the satisfaction of regulatory conditions, by a consortium comprising Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A. – the natural gas transmission system operators in Italy, Spain and Belgium, respectively.

The deal implies a total equity value for DESFA of €810 million.

HFW advised HRADF on the M&A aspects of the transaction. The firm’s team was led by corporate partner Alex Kyriakoulis and included senior associate Peter Emery and associate Craig Grant.

HRADF was also advised by Clifford Chance on EU law matters and Koutalidis Law Firm on Greek law matters.


HFW is a leading global law firm in the aerospace, commodities, construction, energy, insurance and shipping sectors. The firm has almost 600 fee-earners, including 180 partners, based in 19 offices across the Americas, Europe, the Middle East, Asia and Australia. We take a progressive approach to our roles in commercial business – thinking creatively and pragmatically to support our clients. HFW prides itself on its deep industry expertise and its entrepreneurial, creative and collaborative culture.

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