Privatisation of INA
The Ministry of Economy of the Republic of Croatia appointed PricewaterhouseCoopers, Deutsche Bank and Baker Botts to advise on the options for privatising INA, the country's national oil and gas company.Working closely with the Ministry and the INA management, the advisers developed a set of structuring and privatisation options for INA. These were measured against various public policy objectives and the likely impact on sale proceeds.
The advisers assisted the Ministry in implementing its chosen transaction structure and running a sales process that achieved both transparency and commercial flexibility.
The process culminated when MOL of Hungary emerged as the winning bidder, offering US$ 505 million for a 25% + 1 share stake in INA. The price reflected the strategic value to be achieved through consolidation of the sector in Central Europe. The completed sale represented a milestone in Croatia's continued economic reform and integration into the European energy market.
