Privatisation of Igoumenitsa Port

AnnouncementsPrivatisation of Igoumenitsa Port

DVLaw acted as co-lead legal counsel of the Hellenic Republic Asset Development Fund (HRADF) in relation to the privatisation of the Greek regional port of Igoumenitsa through an international public tender process for the sale of HRADF’s 67% shareholding in the Igoumenitsa port operating company (IPA). The privatisation has been successfully completed in October 2023 with the consortium “Grimaldi Euromed S.P.A. – Minoan Lines Shipping S.A. – Investment Construction Commercial and Industrial S.A.” as preferred bidder for a consideration of €84.17 million along with the revision of the respective concession agreement between IPA and the Greek State and the conclusion of a shareholders’ agreement with the investor aiming to make the corporate governance of the port operating company compatible with private sector standards. Our involvement included the preparation and conduct of the prequalification and binding offers phases, conduct of due diligence of the port and drafting of VDD Report to be relied upon by the successful bidders pursuant to the terms of reliance letters, drafting, negotiation and conclusion of the SPA and the SHA, drafting and negotiation of the amendments in the concession agreement that IPA had signed with the Greek State, drafting of the ratifying law, support throughout the whole process to HRADF and its other advisors vis a vis IPA, the bidders, the Greek State and national and EU authorities.

DVLaw’s transaction team was led by partners Yiannis Palassakis and Irene Anyfanti.

Back to top