Greece's national power utility PPC and China's State Grid International Development have signed the sale and purchase agreement under the terms of which State Grid will buy a 24% stake in PPC's fully-owned power transmission network subsidiary ADMIE for €320m.
Under the terms of the bailout agreement approved in August 2015, PPC (51% state-owned) had to divest a minority interest in ADMIE or fully privatise the transmission network by 2017. In October 2016, China's State Grid emerged as the winner of the tender for ADMIE, outbidding Italian power transmission network operator Terna. Under the bailout agreement, a further 25% stake in ADMIE will be sold to a state-owned company to be set up. The remaining 51% will be transferred to a holding company owned by PPC and listed in March 2017.
Earlier in 2016, China’s biggest shipping company Cosco Shipping acquired a 51% stake in the Piraeus port, the largest port in Greece, for €280.5m.