Greece’s Public Power Corporation (PPC), the country’s dominant power producer and provider, on Wednesday announced a finalized deal to acquire Enel’s operations in the Romanian market.
Specifically, ATHEX-listed PPC will acquire all equity interests held by Enel SpA and its subsidiaries in Romania, following fulfillment of certain conditions customary for such considerations, and as set forth in the related purchase agreement signed last March.
PPC will pay approximately 1.24 billion euros, equivalent to an enterprise value of around 1.90 billion euros (on a 100-percent basis).
With completion of the deal, PPC group will have early nine million customers, with total RES installed capacity (hydroelectric, wind, photovoltaic etc.) rising to approximately 4.4GW.
All of Enel’s power generation in Romania emanates from RES units, which increase the percentage of “green EBITDA” in PPC’s total EBITDA and improves relevant ESG indicators.
In commenting on the development, PPC chairman and CEO Georgios Stassis noted that “PPC’s goal is to become a leading clean energy company in southeast Europe. Acquisition of Enel’s activities in Romania is an ideal choice, both from a geographical and a business point of view. I want to thank all the teams who managed to complete the acquisition. Today, we’re embarking on a journey of growth and transformation in Romania, aiming to become the country’s indisputably lead energy company.”
Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, HSBC Continental Europe, AXIA Ventures Group and Euroxx Securities SA acted as financial advisors, while Milbank LLP served as the legal advisor to PPC.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
