Snam, Enagas & Fluxys Consortium Completes the Acquisition of 66% of DESFA

The consortium consisting of Snam (60%), Enag?s (20%) and Fluxys (20%) has today completed the acquisition of a 66% stake in DESFA, the 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.

The consortium, which was awarded the tender for the DESFA privatization in April 2018, made the acquisition through Senfluga Energy Infrastructure Holdings. The consortium has obtained a >10-year non-recourse acquisition financing corresponding to approximately 65% of the enterprise value.

DESFA owns and operates, under a regulated regime, a high pressure transport network of about 1,500 km, as well as a regasification terminal at Revithoussa. Greece, an important crossroads for diversification of supplies and the opening of new natural gas routes in Europe, has further development potential as a hub in South-East Europe.

Thanks to the support of Snam, Enag?s and Fluxys – three major European infrastructure companies which are committed to the creation of the Energy Union – DESFA will be able to fully exploit its strategic position in the Mediterranean, which will contribute to the country’s growth.

The consortium will also promote natural gas innovation in Greece, will foster the introduction of renewables gasses 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 both harmful pollutants and greenhouse gasses.