ATHENS — Spear WTE Investments Sarl, a member of Macquarie Infrastructure and Real Assets Group (MIRA), on Friday was declared the highest bidder in a tender to buy 49% of Hellenic Electricity Distribution Network Operator (HEDNO) offering 2.116 billion euros.

Public Power Corporation, in an announcement said that the offer was valuing the company at 151% of its adjusted asset base, while PPC is expected to have a final decision.

PPC sources said it was the biggest privatization in Greek history and noted that PPC will be able to significantly reduce its borrowing (the debt/net earnings rate will fall below 3), while it will also fund its investment programe on renewable energy sources.

At the same time, HEDNO with the support and know-how over an international partner -and under PPC's management- will develop an expanded programme of modernization and digitalization of its network offering better and more quality services.

PPC said Macquarie's offer included net debt worth 804 million euros.