PPC: Completion of the sale of 49% of HEDNO to Macquarie Asset Management

The Public Electricity Company SA (PPC) announced today that the sale of 49% of its participation in HEDNO SA. (Hellenic Electricity Distribution Network Manager SA) was completed with the deposit of € 1,320 million from Macquarie Asset Management for the acquisition of the aforementioned percentage.

The price has been adjusted to reflect the change in the Net Asset Value of HEDNO until 28.2.2022, in accordance with the terms of the Share Purchase Agreement.

Additionally, during the meeting of the Board of Directors of HEDNO held on Monday, February 28, 2022, after the resignation of the members, with the exception of Mr. Manos, CEO of the Company and Mr. Masouras, employee representative, and the election of the new members by the Extraordinary General Meeting of the HEDNO shareholder, the Board of Directors of HEDNO was formed in the following body:

-Michael Kefalogiannis, President, Non-Executive Member
-Anastasios Manos, CEO, Executive Member
-Stéphane Brimont, Non-Executive Member,
-Arthur Rakowski, Non-Executive Member,
-Mark Mathieson, Non-Executive Member,
-Urania Aikaterinari, Non-Executive Member,
-Evangelos Aggeletopoulos, Non-Executive Member,
-Alexandros Paterakis, Non-Executive Member,
-Sotirios Hadjimichael, Non-Executive Member,
-Georgia Christodoulopoulou, Non-Executive Member,
-Konstantinos Masouras, Non-Executive Member, employee representative

The term of office of the members of the Board of Directors of HEDNO will end on 28.2.2025, with the exception of Mr. Konstantinos Masouras, whose term expires on 27.6.2022 and Mr. Anastasios Manos, whose term expires on 16.10.2022 .

“The sale of 49% of PPC’s stake in HEDNO to Macquarie Asset Management, the world’s largest infrastructure manager, with an attractive valuation that reflects the long-term value of HEDNO, provides the necessary supplies for our largest subsidiary to move to a new era with an extensive investment program for our national network, which is particularly necessary for the significant improvement of the quality of services provided to the people of Greece “, says the President and CEO of PPC, George Stassis and adds: “I would also like to thank all the outgoing members of the Board of Directors for the very important services they provided and especially the outgoing President Nikolaos Bakatselos for his contribution to the ongoing corporate transformation of HEDNO, which led to this – landmark”.

For his part Stéphane Brimont, Head of Macquarie Asset Management for France, Belgium, the Netherlands, Luxembourg and Greecesaid: “We are committed to working closely with PPC to increase investment in the HEDNO network, in order to contribute to the realization of Greece’s ambitious goals for energy and carbonation, to make the energy system more flexible and to create value for “The long-term nature of our investment will ensure that we remain committed to the sustainable development of HEDNO for the coming years.”

HEDNO CEO Anastasios Manos said: “Macquarie’s 49% stake in the company marks the beginning of a new era for HEDNO. This is a strategically important move through which HEDNO significantly strengthens support and know-how of an internationally strong partner and enters a trajectory of dynamic growth, according to the standards of sustainability.We are absolutely confident that the new shareholder will contribute substantially to the even more dynamic and faster completion of the transformation of HEDNO into a modern company “This is a particularly important development for our country, as through the transformation of HEDNO, the management of networks in the critical energy sector is upgraded, to a key point, with the energy crisis and the energy transition in full swing”.