HERAKLION PORT
The Italian shipping company, Grimaldi Group, as part of a consortium, has successfully acquired a majority stake in the HERAKLION PORT Authority (HPA) for $86.4 million.
The consortium, led by Grimaldi Group, finalized a share purchase agreement on December 18th. This agreement secures their ownership of 67% of the Heraklion Port Authority, which is responsible for managing Crete’s largest and busiest seaport.
The Hellenic Republic Asset Development Fund (HRADF), a member company of Greece’s National Fund, put out the tender for the stake in HPA. This national fund organizes and manages privatization of public Greek assets. Following the transaction, HRADF will retain a 33% stake in the port.
The signing ceremony was graced by the presence of illustrious figures such as the Greek Minister of Finance; Kostis Hatzidakis, the Minister of Shipping; Christos Stylianides, the Minister of Rural Development and Food; Lefteris Avgenakis, and HRADF CEO Dimitris Politis.
This signing of the share purchase agreement followed the approval of the Greek Court of Auditors. The handover process is now set to proceed pending the ratification of the concession agreement between the Greek State and the Heraklion Port Authority by the Greek Parliament.
Grimaldi Group’s acquisition of a majority stake in the HERAKLION PORT Authority follows a similar move made last year when they acquired a 67% stake in the Igoumenitsa Port Authority located in Northwestern Greece.
The opinions expressed herein are the author’s and not necessarily those of News2Sea.
#Grimaldi #Group #Acquires #Controlling #Stake #Heraklion #Port #Authority