Greece's privatization fund (HRADF) on Monday declared a consortium comprised of Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd. and Terminal Link SAS as the highest bidder in an international competitive process to sell a 67-percent stake in the Thessaloniki Port Authority (THPA).
Greece's privatization fund (HRADF) on Monday declared a consortium comprised of Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd. and Terminal Link SAS as the highest bidder in an international competitive process to sell a 67-percent stake in the Thessaloniki Port Authority (THPA).
HRADF said the consortium submitted an improved bid for 67 percent of the port authority's shares totaling just more than 231 million euros.
According to a relevant press release, HRADF's said the fund's board of directors assessed two independent estimates for THPA, deciding that the total value of the agreement reaches 1.1 billion euros.
The breakdown is 231.926 million euros entailed in the purchase offer; mandatory investments of up to 180 million euros over the next seven years and expected revenues from the concession agreement flowing into Greek state coffers, estimated at more than 170 million euros.
The total value of the deal also takes calculates expected dividends payable to HRADF for the remaining 7.22 percent of the shares it will retain in the port authority, as well as projected investments (beyond of mandatory ones) until the expiration of the concession in 2051.
"A file relating to the tender process will be submitted to the Court of Auditors in the coming weeks for a pre-contractual review of the legality of the process; the share purchase agreement (SPA) will be signed, following the Court of Auditors’ approval," the press release read.
Morgan Stanley and Piraeus Bank acted as financial advisors in the privatization, Freshfields Bruckhaus Derringer LLP and Alexiou-Kosmopoulos acted as the legal advisors, while Hamburg Port Consulting (HPC) and Marnet served as technical advisors on behalf of HRADF.