25 04 2016

HRADF on €1.5bn landmark Port of Piraeus privatisation

Freshfields Bruckhaus Deringer has advised the Hellenic Republic Asset Development Fund, a wholly owned subsidiary of the Hellenic Republic, on the landmark privatisation of the Port of Piraeus.

After a competitive two-stage international tender process in a challenging political landscape, HRADF has sold a stake of 67% in the ATHEX-listed port operator Piraeus Port Authority S.A. (PPA) to the Chinese shipping and logistics services supplier COSCO (Hong Kong) Group Limited (COSCO) for €368.5 million.  The transaction structure provides that COSCO will in a first step receive 51% of the shares in PPA for €280.5 million. After a period of five years and subject to PPA successfully completing certain port related investments  under the concession agreement between PPA and the Hellenic Republic, COSCO will receive the remaining 16% in PPA for an additional payment of €88 million. 
The total value of the transaction amounts to € 1.5 billion, including among others the purchase price for the 67% stake in PPA, certain necessary investments over the next decade in the amount of €350 and expected revenues from the concession agreement in a total amount of €410 million.  The completion of the transaction remains subject to the satisfaction of certain conditions provided for in the share purchase agreement. 
Prior to supporting the HRADF in conducting the tender process Freshfields also advised HRADF extensively on the creation of a new regulatory framework for newly privatised port operators in Greece.  Freshfields has been part of a team of both international and Greek legal, financial and technical advisers. The Freshfields team advising on the privatisation included Partners Dr. Marius Berenbrok, Dr. Natascha Doll (both Corporate/M&A), Dr. Michael Schäfer (Regulatory), Dr. Andreas von Bonin  (Antitrust, Competition and Trade), Dr. Alexander Schwahn (Tax) and Associates Adrian von Prittwitz, Dr. Arne Krawinkel, Christian Kutschmann, Dr. Moritz von Hesberg (all Corporate/M&A), Sascha Arnold (Regulatory), Pinelopi Stamou (Antistrust, Competition and Trade) and Ayk Meretzki (Tax). Involved fees earner: Marius Berenbrok - Freshfields Bruckhaus Deringer LLP; Natascha Doll - Freshfields Bruckhaus Deringer LLP; Adrian von Prittwitz - Freshfields Bruckhaus Deringer LLP; Arne Krawinkel - Freshfields Bruckhaus Deringer LLP; Christian Kutschmann - Freshfields Bruckhaus Deringer LLP; Moritz von Hesberg - Freshfields Bruckhaus Deringer LLP; Michael Schäfer - Freshfields Bruckhaus Deringer LLP; Sascha Arnold - Freshfields Bruckhaus Deringer LLP; Andreas von Bonin - Freshfields Bruckhaus Deringer LLP; Pinelopi Stamou - Freshfields Bruckhaus Deringer LLP; Alexander Schwahn - Freshfields Bruckhaus Deringer LLP; Ayk Meretzki - Freshfields Bruckhaus Deringer LLP;

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