A consortium of Snam S.p.A. (BIT:SRG), Fluxys Belgium SA (ENXTBR:FLUX) and Enagás Internacional, S.L.U. emerged as preferred bidder to acquire 66% stake in DESFA S.A. from Hellenic Petroleum S.A. (ATSE:ELPE) and Hellenic Republic Asset Development Fund S.A. for approximately €540 million on April 16, 2018. A consortium of Snam S.p.A., Fluxys Belgium SA and Enagás Internacional, S.L.U. agreed to acquire DESFA S.A. on July 20, 2018. Snam S.p.A., Fluxys Belgium SA and Enagás Internacional, S.L.U. owns 60%, 20% and 20% stake in the consortium respectively. The transaction will be funded by a non-recourse financing corresponding to approximately 65% of the enterprise value. In 2017, DESFA reported an EBITDA of €177 million. The signing of the agreements for the acquisition is subject to the completion of the further steps envisaged by the tender procedure and by local legislation on privatization.

The file of the tender process will be submitted to the Court of Audit for pre-contractual audit and the relevant transaction documents will be executed after the approval by the Court. The completion of the transaction is conditional to the competent authorities' approvals including antitrust clearance and regulatory approvals. The deal is also subject to the approval of shareholders of Hellenic Petroleum. The extraordinary general meeting of shareholders of Hellenic Petroleum will be held on May 14, 2018 to discuss the deal. As on April 19, 2018, the Board of Directors of Hellenic Republic Asset Development Fund and Hellenic Petroleum have unanimously accepted the offer. As on July 13, 2018, the European Commission approved the acquisition. The deal has been approved by the Hellenic Court of Audit. On August 30, 2018, National Bank of Greece S.A. announced the completion of the structuring, approval and documentation phases for the exclusive hard-underwriting, on a bilateral basis of a €350 million common bond loan acquisition facility. The closing of the transaction is expected in the second half of the year 2018. The transaction is expected to close by the end of year 2018.

Alantra Greece Corporate Advisors S.A. and Alpha Bank A.E. acted as financial advisors and Koutalidis Law Firm, Clifford Chance LLP and Alex Kyriakoulis, Peter Emery and Craig Grant of Holman Fenwick Willan LLP acted as legal advisors to Hellenic Republic Asset Development Fund S.A. Greek Agency for privatization arranged the tender for the deal. Lazard acted as financial advisor to Snam S.p.A. Barclays Bank PLC acted as financial advisor and Clifford Chance acted as international legal advisor to Hellenic Petroleum. Marco Reggiani, Michela Schizzi, Matteo Beretta, Luciana Bellia, Monia Impinna and Giuliana D'Andrea of Cleary, Gottlieb, Steen & Hamilton LLP (Milan) acted as legal advisors for Snam S.p.A. Rothschild & Co SCA acted as financial advisor to Snam S.p.A. (BIT:SRG), Fluxys Belgium SA (ENXTBR:FLUX) and Enagás Internacional, S.L.U. Nomura Holdings, Inc. acted as financial advisor to Enagás. Marco Reggiani, Gloria Bertini, Filippo Sirovich, Belén Barandiáran, Kai Richter, Nicolas Daubies, Theodore Rakintzis, Meletios Andrianos, Maria Karampotsiou, Gus J. Papamichalopoulos,Evi Dimitropoulou, Panagiotis Pothos, Aristotelis Katranis, Chryssoula Giannopoulou, Konstantinos Varelas, Anthi Antonakou, Angeliki Chalikia, Lily Papakiriaki and Loukas Panetsos of Kyriakides Georgopoulos & Daniolos Issaias Law Firm acted as legal advisor to Snam S.p.A., Fluxys Belgium SA and Enagás Internacional, S.L.U.

A consortium of Snam S.p.A. (BIT:SRG), Fluxys Belgium SA (ENXTBR:FLUX) and Enagás Internacional, S.L.U. completed the acquisition of 66% stake in DESFA S.A. from Hellenic Republic Asset Development Fund S.A. and Hellenic Petroleum S.A. (ATSE:ELPE) on December 20, 2018. The transaction has been approved by the Greek regulatory authorities. Hellenic Petroleum received €284 million from the sale of the entire of its 35% stake in DESFA. Board of Directors of Hellenic Petroleum decided that most of funds, net of applicable taxes, will be directed towards reducing net debt, while an amount of €76.4 million, corresponding to €0.25 / share will be paid as a special distribution to shareholders.