Greece’s biggest power utility Public Power Corp (PPC) has signed an exclusivity agreement with Italy’s Enel for the possible acquisition of its assets in Romania, PPC said on Wednesday, according to Reuters.
During the exclusive talks by the end of January next year, PPC will conduct a financial audit of the assets, it said in a statement.
Once the audit is completed, PPC’s board will decide whether the utility will submit a binding offer to Enel, PPC added.
PPC has been screening selected potential acquisitions in Romania and Bulgaria as part of its efforts to expand overseas.
Enel said last month it planned asset sales worth 21 billion euros to cut its debt pile, with the bulk of the disposal plan aimed to be achieved by the end of next year.