Without any counterproposal from Edison, 50% of Elpedison is transferred to Helleniq Energy. Thus, the Greek group will own 100% of the company. The share purchase agreement as well as the actions required for the approval of the transaction by the competent regulatory authorities will follow in the near future, and upon their completion, the transfer of the shares and the payment of the consideration will be implemented.

THE PRICE

The price for 50% of Elpedison's share capital amounts to approximately €164 million, plus adjustments of up to €31 million relating to diversifications in certain balance sheet items and cash, as provided for in the agreement reached. Thus, the total amount may reach €195 million. 

THE PROCESS

The transfer is expected to be completed within the first half of 2025. It will be recalled that the first offer by Helleniq Energy had been made on 22 November for the acquisition of the 50% held by the Italian company. Thus, Edison was entitled to make a counterproposal within 15 days. A right that it did not exercise, with the result that Helleniq Energy acquired all of Elpedison's shares.
We recall that the CEO of Helleniq Energy, Andreas Siamisis, speaking to analysts after the publication of the group's financial results, had placed the closing of the case within the next 1-2 months. In addition, he had underlined that the cooperation with Edison is very good, providing mutual benefits for 15 years. "However, the two sides have different strategies; as much as we want to be partners, our strategies are different, and a decision needs to be taken in the interest of both parties and our shareholders," he had said.

WHAT EDISON SAYS

Edison announced that the Board of Directors meeting on December 6 approved the start of the process to sell its 50% stake in Elpedison BV to Helleniq Energy. According to the announcement, Helleniq Energy's offer of up to €195 million for 50% equity, which corresponds to approximately €540 million for 100% enterprise value, represents a significant premium compared to the usual multiples seen in European markets. This is an indication of the strong strategic value that Helleniq Energy attributes to Elpedison and the significant potential synergies that it can form within its broader portfolio base. 
Elpedison operates two gas-fired power plants, in Thissi and Thessaloniki, with a total capacity of 820 MW, together with a license for FSRU and a new 826 MW power plant, again in Thessaloniki. It is a key player in the Greek wholesale gas market and serves around 350,000 customers in the retail market.