Port of Piraeus €1.5 billion privatisation

Overview:

• Greece's national asset management management agency Hellenic Republic Asset Development Fund (HRADF) has completed the €368.5 million privatisation of the Port of Piraeus.
• After a two stage tender HRADF has sold a 67% stake in the port to Chinese logistics services company COSCO.
• The deal had been in progress in 2015 before being cancelled by the Government of Alexis Tsipras. After a bail-out agreement was reached with Greece's creditors the sale was resumed as one of the conditions of the deal.
• The deal will be divided in two with COSCO acquiring 51% of the port initially and then acquiring the remaining stake in 2021 upon the completion of certain conditions.
• The overall value of both the acquisitions and the proposed investment amounts to €1.5 billion.
• Morgan Stanley and Piraeus Bank acted as financial advisers.

Sam Duke - Editor