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December 13, 2019
BUSINESS

Hellenic Petroleum and Edison gain full control in Elpedison

Hellenic Petroleum SA on Thursday announced that Elpedison SA, in which Hellenic Petroleum Group has a 50 pct equity participation, agreed to acquire a 24.22 pct stake in Elpedison SA from Ellaktor and ElvalHalcor for 20 million euros in cash. Following completion of the transaction, Elpedison BV will own 100 pct of the share capital of Elpedison SA.

The acquisition, which is subject to customary approvals as provided in the share purchase agreement, strengthens the position of the Group in Elpedison SA and enables the implementation of its strategy in the power sector.

Under the agreement, Elpedison BV will buy 2,265,141 of Elpedison (22.73 pct of its equity capital) from “Hellenic Energy & Development SA” for 18,775,336 euros.

Edison said the transaction is part of a strategy to strengthen its position in the Greek energy market, where significant developments are expected ahead of the adoption of a European target model and a gradual de-carbonation of electricity production.

Elpedison has two electricity production stations, using natural gas, in Thisvi (Viotia) and Thessaloniki, with a total power of 820 MW and around 150,000 clients in electricity power and natural gas.

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