Transgaz shareholders meeting approves association with Regasificadora del Noroeste to bid for DESFA

The Extraordinary General Meeting of Transgaz Shareholders has approved the association with Regasificadora del Noroeste in order to participate to the second stage of the acquisition of 66% stake in the Greek gas pipeline operator, DESFA, according to a company release posted on the Bucharest Stock Exchange (BVB) website.

The General Manager of Transgaz has been also mandated to negotiate and sign the documents related to the association.

On January 8, the Romanian gas operator Transgaz decided to associate with the Spanish company Regasificadora del Noroeste (Reganosa) in acquiring the 66 percent of the shares of Greek gas transport operator DESFA.

Reganosa will be the consortium leader.

Initially, on June 26, 2017, Transgaz signed a participation agreement with GRTgas SA, the gas transmission operator in France, a subsidiary of ENGIE group.

Romanian-French consortium has been disqualified from the auction as the shareholder structure of the two companies is not completely separate, as required by a European directive.

The deadline for submitting the bids is February 16, 2018.

The transaction value is estimated at EUR 400 million.

DESFA’s majority shareholder is the government of Greece with 65 percent and Hellenic Petroleum with 35 percent.