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Consortium completes acquisition of 66% of Greek operator DESFA

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LNG Industry,

Enagás has announced that its consortium with Fluxys and Snam has completed the acquisition of a 66% stake in DEFSA, the Greek national operator in the natural gas infrastructure sector, from the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum for a consideration equal to €535 million.

Enagás and Fluxys each make up 20% of the consortium, whilst Snam makes up the remaining 60%. In the statement, Enagás claims that the consortium, which was awarded the tender for the DESFA privatisation in April 2018, made the acquisition through the new company, Senfluga Energy Infrastructure Holdings. The consortium has obtained a >10-year non-resource acquisition financing corresponding to approximately 65% of the enterprise value.

According to the statement, DESFA owns and operates (under a regulated regime) a high pressure transport network of approximately 1500 km, as well as a regasification terminal at Revithoussa.

With the support of Snam, Enagás and Fluxys, DESFA will be capable of fully exploiting its strategic position in the Mediterranean, which will contribute to the country’s growth. In addition to this, Enagás claims that the consortium will also promote natural gas innovation in Greece, will foster the introduction of renewables gases (such as biomethane) in order to create a sustainable energy system, and will make an active contribution to the reduction of the country’s emission of harmful pollutants and greenhouse gases.

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