Kyriakides Georgopoulos announced that the Hellenic Republic Asset Development Fund's sale of a 67% stake in the Heraklion Port Authority to a consortium consisting of Grimaldi Euromed and Minoan Lines (as reported by CEE Legal Matters on January 11, 2024) closed on September 18, 2024.
According to Kyriakides Georgopoulos, the final total consideration was EUR 80 million.
As originally reported, Fortsakis Diakopoulos & Associates has advised the Hellenic Republic Asset Development Fund on the sale of a 67% stake in the Heraklion Port Authority to a consortium consisting of Grimaldi Euromed and Minoan Lines. Kyriakides Georgopoulos advised the Grimaldi Group.
The Hellenic Republic Asset Development Fund is a direct subsidiary of the Hellenic Corporation of Assets and Participations which was established in 2016 in the aftermath of the Greek debt crisis.
The Grimaldi Group is a shipping passenger transport operator in Northern Europe and the Mediterranean.
Minoan Lines is a passenger ferry company operating in Europe.
According to Fortsakis Diakopoulos & Associates, “this transaction signals a new era of development for the Heraklion Port. The HRADF acquires a strategic partner who has an ambitious investment program, aiming to exploit the strategic position of Heraklion in the Eastern Mediterranean for the development of new commercial flows, the strengthening of cruises, and the transport of new vehicles, as well as make the port of Heraklion a truly 'green' port through investments in renewable energy sources.”
The Fortsakis Diakopoulos & Associates team included Senior Partner Dimitris Diakopoulos, Partner Nikolas Avgouleas, Counsels Grigoris Livieratos and Nikoletta Beneki, and Associate Eleni Souli.
The Kyriakides Georgopoulos team included Senior Partner Konstantinos Vouterakos, Partners Vasileios Douzenis, Constantinos Kavadellas, and Anastasia Dritsa, Counsel Georgia Panagopoulou, Senior Associate Konstantinos Sidiropoulos, and Associates Despina Korovesi and Katerina Vogka.
