GREECE: The Hellenic Republic Asset Development Fund confirmed on July 14 that it had accepted an €45m offer from Italian state railway group Ferrovie dello Stato Italiane for 100% ownership of Greece’s national passenger and freight train operator Trainose.
This followed positive recommendations from HRADF’s advisers, two independent valuations and the Council of Experts which reviews privatisations.
Completion of the deal is subject to approval by the Court of Auditors and other authorities. HRADF said privatisation would 'secure not only the viability of Trainose, but more importantly, its further development'. It would also lay the foundations for the closure of a European Commission state aid investigation into debts of more than €700m that Trainose owes to national railway OSE.
Russian Railways and infrastructure, waste and mining group Gek Terna had previously submitted expressions of interest in buying Trainose, but FS Group submitted the only biding offer.
Investment Bank of Greece and Kantor acted as financial advisers for the tender process, M&P Bernitsas and Hogan Lovells acted as legal advisers, and Hogan Lovells also acted as technical adviser.