By Nektaria Stamouli

ATHENS--Greece's state sell-off fund on Thursday announced the sale of a majority stake in its natural gas operator DESFA to a consortium for EUR535 million, completing an important milestone in its privatization program.

The consortium, SENFLUGA Energy Infrastructure Holdings SA, acquired a 66% stake in DESFA and it consists of Italy's Snam SpA (SRG.MI), Spain's Enegas and Belgium's Fluxys.

"The business substance of DESFA's new shareholder, comprising off European energy companies...certifies the attractiveness of the Greek market, highlights the investment prospects of Greece and makes the country a natural gas hub in Europe," the country's privatization fund said in a statement.

Greece relaunched the tender for a 66% stake in DESFA last year after a EUR400 million deal with Azerbaijan's SOCAR collapsed in 2016. The sale is part of the privatization program Greece agreed to under the terms of its third bailout. The deal was delayed several times and the final sale was expected to be completed before the end of the country's bailout in August.

Write to Nektaria Stamouli at nektaria.stamouli@wsj.com

(END) Dow Jones Newswires

December 20, 2018 08:59 ET (13:59 GMT)

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