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.
Latest News
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.
Greece Plans to Link Golden Visa to Startup Investments
The Greek government wants to decouple the Golden Visa Program from Real Estate investments
Greece Honored Country at World Travel Market (WTM) 2024
Greece held a prominent position within the exhibition space, with its main entrance adorned digitally in Greek colors.
Inflation in Greece Down to 2.4% in October, ELSTAT says
On a year-to-year basis, the average inflation in Greece from November 2023 to October 2024 increased by 2.9%, compared to a 4.2% rise during the same period the previous year
First-Ever Pop-Up American Space at a Sports Venue Opens at Georgios Karaiskakis Stadium
The new Pop-Up American Space was inaugurated at the Georgios Karaiskakis Stadium by US Amb. George J. Tsunis, Olympiacos FC President Evangelos Marinakis and the Mayor of Piraeus, Yannis Moralis