On 18 September 2024, the last step of another milestone transaction was completed at Heraklion, Crete. “Symmetoches Limenos Irakliou S.A.”, a Grimaldi Group company, wholly owned by Grimaldi Euromed S.p.A. and Minoan Lines S.A., acquired a majority interest (67%) of Heraklion Port Authority S.A., the Heraklion port concessionaire until 2063, against a total consideration of €80 million.
The closing took place at the Heraklion Port Authority premises and was attended by members of the Greek Government, local authorities and the representatives of Grimaldi Group and the HRDAF.
KG supported Grimaldi Group throughout this lengthy and demanding transaction, from the early phase of the tender process in 2021 up to this final concluding stage. KG project team comprised of various internal teams led by senior partner Konstantinos Vouterakos and partner Vasileios Douzenis assisted by associates Despina Korovesi and Katerina Vogka. Public law issues were addressed by partner Constantinos Kavadellas and counsel Georgia Panagopoulou, while partner Anastasia Dritsa and senior associate Konstantinos Sidiropoulos advised on competition law matters.
KG is honored to continue supporting Grimaldi Group in this second port privatization project, following the successful completion of the Igoumenitsa Port Authority project in October 2023. The completion of this transaction is a milestone for Heraklion Port as Grimaldi Group intends to deploy a strategic program to fully leverage Heraklion Port’s location in the Eastern Mediterranean. Grimaldi Group is keen on enhancing the operation of the Port as a ‘green’ port and attracting more business opportunities, tourism, increased trade flows and job openings. Many thanks to the entire Grimaldi Group project team, and more particularly, Vincenzo Scarlato, Group CFO, Paul Kyprianou, CEO Symmetoches Limenos Irakliou S.A., and Loukas Sigalas, CEO Minoan Lines S.A., for their cooperation in this complex and demanding project.
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