The Hellenic Republic Asset Development Fund (HRADF) announces that on July 14, 2016, its Board of Directors unsealed the binding financial offer for the sale of 100% stake in Trainose submitted by Ferrovie Dello Stato Italiane.
The amount of the offer price is EUR 45 million.
The HRADF completes a process that began three years ago. The privatization of Trainose secures not only the viability of Trainose, but more importantly, its further development, HRADF says.
Furthermore, this is an important milestone that lays the foundations for the successful closure of the European Commission state aid dossier on the debt that Trainose owes to OSE, which amounts to more than EUR 700 million.
The tender envelope will promptly be filed to the Court of Auditors for pre-contractual review and assessment and the Share Purchase Agreement (SPA) will be signed, following the Court ofAuditors’ approval. The completion of the transaction is subject to the competent authorities’approvals.
Investment Bank of Greece and Kantor acted as financial advisors, M&P Bernitsas και Hogan Lovells acted as legal advisors, the Hogan Lovells acted as technical advisor on behalf of HRADF.
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