The Hellenic Republic Asset Development (HRADF) signed an agreement for the acquisition of 35% in DEPA Commercial owned by Helleniq Energy.
The agreement provides for full control and flexibility of movements for DEPA Commercial, while disengaging Helleniq Energy Holdings from a non-strategic participation, which is directly competitive with other activities of the group.
The transaction will allow the smooth implementation of the strategic transformation of DEPA Commercial into a vertically integrated energy group, giving higher value to the participation of the Greek State in the medium term and facilitating its future exploitation.
With this transaction, Helleniq Energy clarifies its portfolio, withdrawing from non-majority or even competing participations. It fully integrates its activities and transforms into an integrated provider of energy products, with the ability to autonomously define its strategy, having absolute/full control over all its subsidiaries.
The transaction price is initially set at 208 million euros.
The price is credited and repaid in installments by offsetting dividends that HRADF will have received from Helleniq Energy Holdings and DEPA Commercial, as a shareholder of these companies, or with other income in accordance with applicable legislation.
HRADF, as the sole shareholder (100%) of DEPA Commercial following the completion of this transaction and given its ongoing transformation into a fully vertically integrated energy company, intends to review alternative options for utilizing its stake in the near future.
