Senfluga Energy Infrastructure Holdings, the consortium including the Italian gas transmission system operator (TSO) Snam (60%) and its Spanish and Belgian counterparts Enagas (20%) and Fluxys (20%), has completed the acquisition of a 66% stake in the Greek state-owned gas TSO DESFA from the Hellenic Republic Asset Development Fund (HRADF) and the oil refiner Hellenic Petroleum for a total consideration of €535m.
The sale fits into Greece's €86bn international bailout plan. In 2016, HRADF and Hellenic Petroleum agreed to sell their DESFA stake to Azerbaijan's state-held company SOCAR for €400m but the deal collapsed in November 2016, after the government raised DESFA's gas tariffs by a lower amount than SOCAR had expected and SOCAR asked in turn for a lower acquisition price. Later on, the consortium including Snam submitted a €535m bid to HRADF, which accepted it in April 2018. The transaction secured the approval of the European Commission in July 2018.
DESFA owns and operates a gas transmission network of approximately 1,500 km as well as a 7.2 bcm/year LNG regasification terminal in Revithoussa.