The agreement for the sale of Thessaloniki Port Authority’s 67% was signed on December 21, for a total bidding offer of €231.926 million, under the country’s development plan.
The signing took place between the Hellenic Republic Asset Development Fund (HRADF) and South Europe Gateway Thessaloniki (SEGT) Limited, the company set up by the Preferred Investor consortium comprising of the companies «Deutsche Invest Equity Partners GmbH», «Belterra Investments Ltd» and «Terminal Link SAS».
The Sale & Purchase Agreement was signed after the approval from the Court of Auditors, while the approval from the Hellenic Competition Commission is still pending, according to Thessaloniki Port Authority. The agreement will be ratified by the Parliament and the transaction is expected to be completed by Q1 2018.
The total value of the agreement amounts to €1.1 billion and – apart from the shares acquisition for €231,926,000 – includes mandatory investments amounting to €180 million within the next seven years, as well as expected revenues from the Concession Agreement for the Hellenic Republic estimated over €170 million. The total value also includes the expected dividends receivable by the HRADF for the remaining 7.22% of shares and the estimated investments (in excess of the mandatory ones), until the end of the concession period in 2051.
The Executive Chairman of HRADF, Mr. Aris Xenofos, commented: “The exploitation of the Thessaloniki port along with the positive impact the successful conclusion of the exploitation agreement of Piraeus Port already has, form an axis of growth and development that crosses vertically our country, further enhancing the role of Greece as the European gateway to international companies for trade and cruise”.
Last year, Chinese giant COSCO bought 51% stake in Piraeus port, the largest port in Greece and one of the biggest in the Mediterranean sea, for 280.5 million.
