Greece completes sale of EESSTY to TrainOSE for 22 million euros

Hellenic Republic Asset Development Fund (HRADF) on Monday announced the completion of the sale and transfer of a 100 pct stake of EESSTY SA (ROSCO) to TRAINOSE SA, the subsidiary of Ferrovie Dello Stato Italiane S.p.A., for a total consideration of 22 million euros.

In announcement, HRADF said it successfully completed a long-term tender process, ensuring the upgrade of the role and further development of EESSTY in the rolling stock maintenance and availability services to train operating companies. Following the privatisation of TRAINOSE in September 2017, for a total consideration of 45 million euros, which resulted in the closure of the European Commission’s State Aid dossier on TRAINOSE’s debt to OSE, amounting at 692 million euros, Greek railways is gaining new momentum in a liberated and competitive market.

The executive chairman of HRADF, Aris Xenofos, stated: “ We are completing a series of strategic options in developing and upgrading the Greek Railways through the privatisation of EESSTY after TRAINOSE, which will strengthen Greece’s role as a hub of transport and transit trade. We are convinced that soon enough the positive results that are already visible in the case of TRAINOSE – after its acquisition by Ferrovie Dello Stato Italiane – will be repeated in EESSTY as well”.

The CEO of HRADF, Riccardo Lambiris, stated: “ This strategic partnership ensures an upgraded role for EESSTY, its further development and is yet another success for the privatisation programme of the Hellenic Republic. We ought to acknowledge the decisive contribution of all those who have worked to make this deal possible, and especially the Company and its employees, TRAINOSE, GAIAOSE, as well as the Fund’s dedicated team who implement the Hellenic Republic’s strategy of modernising and upgrading the country’s infrastructure”.

Source ANA-MPA
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