Barring unexpected developments, two European power grid operators, Italy’s Terna and France’s RTE, an EdF subsidiary, will submit non-binding expressions of interest for an international tender launched by Greece’s power utility PPC a fortnight ago to sell a 24 percent stake of subsidiary firm IPTO, the power grid operator, to a strategic investor, in line with terms of the country’s third international bailout. Non-binding expressions of interest by are due by tomorrow.
The technical and financial credentials of interested firms will be assessed during this first stage of the tender’s procedures.
Participants who make it through will qualify for the second stage and be provided access to IPTO’s virtual data room so as to conduct their own financial, technical and legal inspections. Other details to be provided to candidate bidders include vendor due diligence reports and bank letter of guarantee guidelines.
A prefered bidder will need to be selected by October 31 and the procedure offering IPTO’s 24 percent share must be completed by February 28, 2017.
The tender’s regulations specify that participating operators must be registered with ENTSO-E, the 42-member European Network of Transmission System Operators.
HSBC Bank, Citigroup and NBG Securities will act as financial advisors.