Greece’s power utility Public Power Corp. (PPC) said on Wednesday that China’s State Grid was the highest bidder for a 24 percent stake in the country’s power grid operator ADMIE, offering 320 million euros ($349 million).
State Grid and Italian power grid Terna jointly with infrastructure fund F2i submitted binding bids for the stake last week.
PPC fully owns ADMIE and under the terms of Greece’s international bailout the utility, which is 51 percent-owned by the state, must either sell its stake in the grid or fully privatise it by next year.
Under a timetable approved by parliament, a preferred bidder for ADMIE has to be chosen by Oct. 31 and the deal is expected to be concluded in the first three months of 2017.
PPC said its board would decide on the preferred bidder on Oct. 31, while the final decision would be taken by a shareholders meeting due on Nov. 24.