ATHENS, Sept 23 (Reuters) - Greece's biggest power utility
Public Power Corp (PPC) <DEHr.> on Thursday formally named
Macquarie as the preferred bidder for a minority stake in its
fully-owned power grid operator HEDNO.
PPC shareholders will take a final decision on the bid at a
meeting scheduled for Oct. 19, PPC said.
PPC earlier this month said the offer by Spear WTE
Investments Sarl, a member of the Macquarie Infrastructure and
Real Assets Group, valued the 49% stake at 2.1 billion euros
($2.46 billion), including debt of 804 million euros, making it
the highest among four groups which issued binding bids.
PPC, which is 51% owned by the state, has said it will use
the sale proceeds to reduce debt and boost its footprint in
HEDNO operates a 242,000 km long grid, which brings
electricity to about 7 million households and businesses across
Greece. PPC expects a new investor to help to upgrade the grid,
which mainly consists of overhead cables susceptible to failing
in adverse weather.
($1 = 0.8519 euros)
(Writing By Michele Kambas. Editing by Jane Merriman)