January 18, 2017 / 10:52 AM / a year ago

Greece concludes sale of TRAINOSE to Italian railways

ATHENS (Reuters) - Greece on Wednesday concluded the sale of its rail company TRAINOSE to Italy’s state railways Ferrovie dello Stato for 45 million euros ($48.1 million), the country’s privatization agency said.

Athens had been trying to sell the asset since 2013 but government changes and political hurdles held up the sale.

Without the sale, TRAINOSE would have had to return more than 700 million euros in state aid to the European Union, forcing it to shut.

Privatizations are a condition of Greece’s latest international bailout but its protracted economic crisis has sapped investor interest.

Reporting by Karolina Tagaris, editing by George Georgiopoulos

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