Shearman & Sterling advised China state-owned State Grid as the preferred strategic investor on the acquisition of a 24% interest of Independent Power Transmission Operator, a wholly owned subsidiary of Greece state-owned Public Power Corporation.

The signing ceremony was held in Athens, Greece on Friday, December 16, 2016. The transaction represents China's second-largest investment in Greece in recent months.

Public Power Corporation is the biggest power producer and electricity producer in Greece and engages in the generation, transmission and distribution of electricity, holding assets in lignite mines, power generation, transmission and distribution.

The Team