The sale of a 49 percent stake in power utility PPC’s subsidiary DEDDIE/HEDNO, the distribution network operator, has reached the final stretch with at least three bidders in contention as the binding-bids deadline expires today.

US fund CVC Capital, as well as Australia’s Macquarie and First Sentier, are believed to be in the running, while the participation of KKR (Kohlberg Kravis Roberts & Co. L.P.) remains probable.

PPC’s administration is not expected to accept anything less than 1.5 billion euros for the subsidiary’s 49 percent, a price expectation based on DEDDIE/HEDNO’s book value, estimated at 3 billion euros.

The operator’s regulated earnings for 2021 to 2024 begin at 771 million euros and reach 798 million euros in 2024.

The financial offers by bidders are not expected to be opened today but will remain under wraps until all other details (legal, technical) of the offers have been fully examined.

Once the binding bids have been submitted, PPC will call an extraordinary general shareholders’ meeting for the sale’s approval. PPC’s objective is to have completed this partial privatization by the end of the year.