Thessaloniki Port Sold to French-German Consortium

Monday, April 24th, 2017
Last Update: 23:23

A joint venture of Deutsche Invest Equity Partners, with its subsidiary CMA CGM, Terminal Link and the Savvidis Group are to acquire 67% of Thessaloniki Port Authority SA (OLTH), with a binding offer of 231,926,000 euros.

The total value of the agreement, according to the Hellenic Republic Assets Development Fund (HRADF), amounts to 1.1 billion euros and includes the offer of 231,926,000 euros, mandatory investments of 180 million euros over the next seven years, and the expected Greek State revenue from the contract concession (3.5% of OLTH SA’s turnover), expected to total more than 170 million euros.

The total amount also takes into account the expected dividends HRADF will receive for the remaining percentage of 7.22%, and the estimated investments until the end of the concession in 2051.

The DIEP bid was 10% higher than that of the second bidder. The OLTH concession is part of the privatizations required as part of Greece’s third bailout program.

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