Azeris, Gazprom, Bid for Greek Company DEPA

Russia's Gazprom and Sintez and Azerbaijan's state-owned SOCAR were the main bidders for Greek gas company Depa on Monday, agencies reported.

Reuters said a potential deal that could make a welcome addition to Greek coffers of around €1 billion ($1.28bn). The country of 10 million people has been enduring severe austerity after a financial collapse, and has received two massive IMF/EU bailouts worth hundreds of billions of euro.

Monday was the deadline for offers in the sale of all of Depa by the Greek government. The government owns a 65% stake, and Hellenic Petroleum has 35%.

Greece is hoping to reach a deal in the first quarter of next year, according to people close to the situation quoted by Reuters.

A Depa subsidiary, EPA, supplies and distributes gas, and another subsidiary, DEFSA, handles transmission.

In 2011 Depa reported earnings before interest, taxes, amortization and depreciation of €60 million euros ($76m), and EPA posted a combined EBITDA of €110m ($140m).

 See also: Gazprom's strategy for acquiring DEPA