The green light for the sale to the Greek State of the 35% stake held by Helleniq Energy in DEPA was given by an amendment submitted to the Greek Parliament by the Ministry of Economy and Finance. This will bring the state's stake in DEPA Commercial to 100%, up from 65% currently. It is recalled that this move was pending in order to give the Hellenic Republic Asset Development Fundthe ability to make acquisitions as well, as under the statute it can only sell or lease assets

WHAT IS PROVIDED

According to the amendment, the payment of the price for the 35% stake in DEPA—reportedly locked at €200 million—will be made in instalments until it is paid in full and through the proceeds of dividends collected by the Hellenic Republic Asset Development Fund on the profits of DEPA Commericial and Helleniq Energy's last fiscal year. It is recalled that the Hellenic Republic Asset Development Fund, as a shareholder of 31.2% of Helleniq Energy, receives dividends from the company, which, after the completion of the deal, will be directed to repay the amount of the transaction. 

TIMETABLE

Despite the ambiguity surrounding the deal, it seems that the goal is to complete the acquisition by the end of the year, ideally before the GrowthFund absorbs the fund. However, it's important to note that the amendment also includes a contingency plan in case the procedures extend beyond this timeframe, potentially leading to a GrowthFund takeover. However, speaking to analysts recently following Helleniq Energy's nine-month results, the group's CEO, Andreas Siamisis, indicated that the issue of the group's stake in DEPA Commercial would be resolved in the near future.

GAZPROM 

A thorn in the deal negotiations was the disagreement over Gazprom's €400m claims for take or pay clauses for the 2021-2022 two-year period, for which DEPA Commercial has appealed to international arbitration. However, that process is already underway, and sources on the Greek side, which has appealed the process, believe the arguments are in its favour, while it believes the ruling expected next September will vindicate it. The reason for the appeal concerns the price at which the Russian company supplied it with natural gas in the period 2022-2023. The contract between the two companies provided for a negotiation procedure before the appeal, but this was time-consuming and did not pay off. It is noted that DEPA is also requesting a retroactive price adjustment under the contract from 2022.