International tender procedures for the sale of a 66 percent equity share in IPTO, Greece’s Independent Power Transmission Operator – locally referred to as ADMIE – are progressing rapidly with the winning bidder’s offer likely to be ratified before Christmas.
According to latest reports, the tender’s participants are likely to be given a slight extension of between five to ten days, pushing the end-of-November deadline for binding offers to early December. The time constraints of the original date have put a strain on the efforts of all bidders, it is believed.
The bids by potential buyers of IPTO’s majority equity share are being handled by leading financial consulting firms. This has been interpreted as an indication of a high level of interest. World-class financial consulting firms such as Deutsche Bank, Bank of America Merrill Lynch, Credit Swiss, and Lazard are representing four prospective bidders – Belgian company Elia, Italy’s Terna, China’s SGCC, and Canadian fund PSP – and currently analyzing the financial standing of IPTO.
At this stage, it appears that more than binding offer will be submitted as the participants are maintaining a strong level of interest. However, as reported recently by energypress, withdrawals along the procedure’s final stretch are probable. According to sources, PSP has not been able to find a technical partner for the venture, meaning that the Canadian fund will have to decide on whether it will accept forsaking the power operator’s management to the Greek state for five years, as the tender’s conditions specify, or abandon the race.