Greece, PPC could take over Enel in Romania in just a few weeks

, SEE Energy News

The Greek PPC, which is currently conducting due diligence for the planned acquisition of the Romanian subsidiary of the Italian energy group Enel, completed about 70 percent of the procedure without difficulty and could conclude the deal in the next two to four weeks.

If the two parties reach an agreement, PPC will fully take over the Romanian subsidiary of the Italian group. This major move facilitates the Greek company’s plan to expand into the Balkan energy market via Romania, the region’s fastest growing economy.

The deal with Enel Romania would give PPC full control over the company’s Romanian assets, regardless of the subsidiary’s various stakes in transmission, supply and RES companies, ranging from 51 to 100 percent. Enel holds management rights in all its ventures in Romania, which are also included in the sale.

PPC officials have ruled out expressing interest in Enel’s stake in the Greek market. Property prices on the Greek market significantly exceed those on the Balkan markets, they explained.

A deal with Enel in Romania would offer PPC access to three million new customers in Romania, in addition to the company’s five million existing customers in Greece.

It would also offer PPC access to rich natural gas deposits in the Black Sea, as well as LNG arriving at Greek ports, at favorable prices – currently via the Revithoussa terminal just outside Athens and, in the near future, via the FSRU in Alexandroupolis, in the north-east Greece.

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