DEPA buys remaining equity stakes in EPA Attica, EDA Attica for 150 mln euros

DEPA announced the signing of an agreement for the acquisition of 49 pct of shares of natural gas distribution and supply companies of Attica, taking full ownership of the two companies (DEPA had already bought a 51 pct of their shares).

The transaction is part of an agreement included in a fourth review of the Greek programme, which also envisaged DEPA’s departure from the Thessaloniki natural gas distribution company (an agreement already signed).

Under the agreement signed today, DEPA will pay 39 million euros to buy a 49 pct equity stake in EPA Attica and another 111 million euros to buy a 49 pct equity stake in EDA Attica from Attiki Gas, a subsidiary of Shell.

The transaction requires approval by competition authorities.

Velissarios Dotsis, DEPA’s chairman, commenting on the agreement said it was a significant development both for DEPA and the energy sector of the country.

Rothschild and Alpha Bank acted as financial advisers to the deal, while law firms Lampadarios & Associates and Koutalidis acted as legal counselors.