Romania’s Transgaz plans to join Reganosa to acquire Greece’s DESFA

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, according to Transgaz documents.

Thus, Transgaz shareholders are convened to approve at the meeting on January 18 an agreement between the two companies and a memorandum of understanding on the association to participate in the second stage of DESFA privatization process. Reganosa will be a 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. At the same time, it is not excluded that other companies join the Reganosa-Transgaz consortium in the next period to increase its negotiating power in the privatization process of DESFA.

The transaction value is estimated at EUR 400 million.

This is the second attempt of the Greek state to privatize DESFA.

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