Greece, Acquisition of DEPA Infrastructure by Italgas is expected to be completed in the first quarter of 2022

, SEE Energy News

The acquisition of DEPA Infrastructure by Italgas, Italy’s biggest natural gas distribution company and the third largest in Europe, is expected to be completed in the first quarter of 2022.

Greek Competition Committee needs to approve the sales and purchase agreement, signed between the buyer and two sellers, privatization
fund TAIPED and oil refiner Hellenic Petroleum (ELPE) last December. Greek Regulatory Authority for Energy (RAE) also needs to issue necessary certification for the acquisition, but the Competition Committee’s approval is a prerequisite for this stage.

The acquisition will be fully completed once Italgas also purchases gas distributor EDA THESS’s 49 % stake held by another Italian company – Eni gas e Luce. This follow-up purchase of the EDA THESS stake has been set as a condition for the winning bidder at the tender. DEPA Infrastructure, EDA THESS’s parent company, holds a 51 % stake in the gas distributor covering the Thessaloniki and Thessaly areas, while Eni gas e Luce, holds the remaining 49 %.

Last December, Italgas signed an agreement on the acquisition of 100 % of DEPA Infrastructure from Greek privatization fund TAIPED and oil refiner Hellenic Petroleum (ELPE) for a total of 733 million euros.

In mid-July 2021, TAIPED said that it has received two binding offers for a majority stake in DEPA Infrastructure from Italgas and Czech EP
Investment Advisors. Along with Italgas and EP Investment Advisors, which had qualified to submit binding offers, another four investors, including First State Investments and a Chinese joint venture between SINO-CEE Fund and Shanghai Dazhong Public Utilities had been shortlisted.