Greece - Evaluation consultancy services

Description

By virtue of article 6 para.2 of Law 3986/2011, HRADF considers the appointment of a leading investment bank and /or financial services firm and/or professional services companies offering financial advisory services (the ‘Independent Valuer’), to carry out an independent valuation study of DEPA Infrastructure SA.
The Hellenic Republic has transferred to HRADF title to its entire stake (65 %) in Public Gas Corporation SA (‘DEPA’). Pursuant to article 80I of Law 4001/2011, a partial demerger of DEPA’s distribution gas branch took place, by virtue of which:(i) all distribution gas activities of DEPA were transferred to DEPA Infrastructure SA;(ii) all wholesale and retail gas activities of DEPA remained under DEPA, which was renamed to DEPA Commercial SA;(iii) all DEPA’s participations to international projects were transferred through a spin-off to DEPA International Projects SA. Following the Partial Demerger, HRADF owns shares corresponding to 65 % of the total share capital of DEPA Infrastructure SA and Hellenic Petroleum S.A. (‘HELPE’) owns the remaining shares corresponding to 35 % of the total share capital of DEPA Infrastructure SA. The Fund and HELPE, in their capacity as shareholders of DEPA Infrastructure have entered into a Memorandum of Understanding (the ‘MoU’), to jointly sell their respective stakes in DEPA Infrastructure, namely HELPE has committed to sell its stake of 35 % in the share capital of DEPA Infrastructure along with the Fund’s stake of 65 % in the share capital of DEPA Infrastructure, through a tender process to be run by the Fund.The Fund is conducting an international public tender in two phases (the ‘Tender Process’) for the sale of 100 % of the share capital of DEPA Infrastructure (the ‘Transaction’). Phase A of the Tender Process (pre-qualification of interested parties) was concluded on 2 June 2020 and Phase B of the Tender Process (submission of binding offers) has already commenced and is still in progress.According to article 6 of Law 3986/2011, as currently in force, an independent valuation of an asset must be concluded and made available to the Board of Directors of HRADF and Council of Experts, prior to its privatisation. In this context, HRADF considers the appointment of a leading investment bank and/or financial services firm and/or professional services companies offering financial advisory services (the ‘Independent Valuer’), to carry out an independent valuation study of the Asset. The Independent Valuer is expected to submit, directly to HRADF, a report with its independent valuation of the Asset, including any potential update thereof as the Fund may request (altogether referred hereby as the ‘Valuation Report’). The Independent Valuer is required to provide all necessary analysis and substantiation of the Valuation Reports to HRADF’s Board of Directors and HRADF’s Council of Experts. The Valuation Report and the supporting documentation including an executive summary should be prepared in English together with an executive summary in Greek. The Independent Valuer may be requested to liaise with HRADF’s Advisers in the context of implementing the task of the independent valuation of DEPA Infrastructure. HRADF will make available to the Independent Valuer all material available to bidders in the virtual data room of the Transaction.

Opportunity closing date

20 January 2021

Value of contract

£100k-1m