Snam, Enagás, Fluxys complete DESFA stake purchase

The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA. 

The purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum, the companies said in a statement.

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 percent of the enterprise value.

DESFA owns and operates, 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, the statement reads.