Greece's Hellenic Republic Asset Development Fund (HRADF) has announced that three investment groups expressed their initial interest for the sale of 100% stake of TRAINOSE S.A.

In February 2016 HRADF decided the relaunching of the international tender for the sale of a 100% stake in TRAINOSE. The first tender process was launched in July 2013. 

The three investment groups are:

• Ferrovie dello Stato Italiane S.p.A.
• Open Joint-Stock Company “Russian Railways”
• GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS

HRADF said in a press release:

HRADF’s advisors will evaluate, per terms and criteria stipulated in the Process Letter, the above Expressions of Interest and submit to HRADF’s Board of Directors their recommendation as to which candidates qualify for the next phase, which includes the access to detailed information about the asset and the terms of the transaction (virtual data room).

The deadline for the binding offers is set for 05/31/2016.

TRAINOSE operates as the sole provider of rail services in Greece. TRAINOSE was established in 2005, as a subsidiary of OSE S.A.. In December 2008, the ownership of TRAINOSE was transferred to the Hellenic Republic. The company is engaged in the provision of traction services for the rail transportation of passengers and freight, the development, organization and exploitation of urban, suburban, regional, extra-urban and international railway transportation of passengers and freight, as well as bus transportation or combined transportation of passengers and freight and the provision of logistics services of any nature.

The financial advisors for this project are Investment Bank of Greece and Kantor Management Consultants, while law firms Hogan Lovells International LLP and M. & P. Bernitsas Law Offices are acting as legal counsels and Louis Berger S.A. as technical advisor.