German-French consortium acquired 67% of port of Thessaloniki

port of ThessalonikiThe Greek state privatization fund HRADF (Hellenic Republic Asset Development Fund) approved the acquisition of 67% of the port of Thessaloniki after the consortium of Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd and Terminal Link SAS significantly improved its offer. The new binding offer provides for the payment by the consortium of 231.926 million EUR, while the total value of the contract is 1.1 billion EUR and includes a mandatory investment of 180 million EUR in the next 7 years. The expected state revenues from the concession represent 3.5% of the turnover of the port and amounts to more than 170 million EUR. The total amount of the contract also includes expected dividends, which will be received for the remaining 7.22% of the fund’s shares and investments beyond mandatory.

Tender dossier in the coming weeks will be submitted for review to a special commission. After its decision, the parties will be able to sign an agreement on the purchase of shares. The transaction is also subject to approval by the relevant authorities.

Deutsche Invest Equity Partners GmbH is subsidiary of the French container operator CMA CGM, which will be operator of the port.

The infrastructure sales are a key part of an ambitious privatisation programme but have been delayed by opposition from hard-line members of the left-wing Syriza-led government.