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.

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