Category: Greece

Kyriakides Georgopoulos, working with Vinge, has advised the EQT Investments group on its public offer to acquire Swedish renewable energy company OX2 for USD 1.51 billion through an SPV.

According to the firm, on May 13, 2024, the EQT Infrastructure VI private equity fund made a public offer to buy Swedish renewable energy group OX2 – listed on the Stockholm Stock Exchange – for USD 1.51 billion through Otello BidCo AB. “The offer is conditional on its acceptance by the majority of OX2’s shareholders,” the firm reported.

The EQT Infrastructure VI Fund is an infrastructure value-added fund managed by EQT. The fund is located in Stockholm, Sweden.

EQT is a Swedish global investment organization founded in 1994. Its funds invest in private equity, infrastructure, real estate, growth equity, and venture capital in Europe, North America, and Asia Pacific. As of 2022, EQT’s assets under management total EUR 210 billion.

OX2 develops, builds, and operates utility-scale renewable energy projects. It has operations in Australia, France, Finland, Greece, Poland, and Sweden, with 961 megawatts under construction at the end of 2023.

The Kyriakides Georgopoulos team was led by Senior Partner Gus Papamichalopoulos and included Senior Associate Antonis Koumpias, Efi Palaiologou, and Tryfonia Angelidou, and Associate Melina Kolovetsiou.

Kyriakides Georgopoulos did not respond to our inquiry on the matter.

Kyriakides Georgopoulos has advised General Atlantic on its tender offer for the acquisition of the free-float shares in Greek issuer Epsilon Net, listed on the Athens Exchange.

General Atlantic is a growth equity platform.

Epsilon Net is an IT company.

Kyriakides Georgopoulos did not respond to our inquiry on the matter.

Zepos & Yannopoulos has advised Hellenic Properties on its acquisition of a former industrial building located in Tavros, Attica, to be developed into a green office building.

Hellenic Properties is a real estate investment company targeting value-based real estate opportunities in Greece.

The Zepos & Yannopoulos team included Partners Sonia Melegou and Marina Allamani, Senior Associates Anastasia Veneti and Anastasia Kritikou, and Associate George Louizos.

Zepos & Yannopoulos did not respond to our inquiry on the matter.

Kyriakides Georgopoulos has advised Lightsource BP on the financing-related land and regulatory due diligence of a PV project in Greece with a capacity of 560 megawatts and a budget of EUR 395.15 million in the areas of Larissa and Fthiotida.

Lightsource BP is an international solar power developer and operator, focusing on creating low-carbon solar energy projects while boosting biodiversity. It is a subsidiary of British Petroleum.

According to KLC, “the subsidiary of Lightsource BP developing the project has recently entered into an agreement with Eurobank for its financing as part of the Greek National Reliance and Resilience Plan: Greece 2.0.”

Earlier, KLC advised on Lightsource BP’s sale of a 180-megawatt PV portfolio to Helleniq Renewables (as reported by CEE Legal matters on September 8, 2023). Also, back in 2021, Kyriakides Georgopoulos advised Lightsource BP on the acquisition of a 200-megawatt photovoltaics portfolio from Greek renewable energy developer Kiefer Tek (as reported by CEE Legal Matters on September 28, 2021).

KLC did not respond to our inquiry on the matter.

Bernitsas has advised Eurobank on the issuance and offering of its new EUR 650 million senior preferred notes due April 2031 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

According to Bernitsas, “investor confidence in Eurobank’s credit standing was evidenced by strong participation and resulted in a final demand over EUR 1.4 billion, an oversubscription of over two times. The proceeds from the issue of the notes will support Eurobank Group’s strategy to ensure ongoing compliance with its MREL requirement and will be used for Eurobank’s general funding purposes.”

In 2023, Bernitsas advised Eurobank on a EUR 500 million senior preferred instrument issuance (as reported by CEE Legal Matters on December 6, 2023).

The Bernitsas team included Partners Nikos Papachristopoulos and Maria Nefeli Bernitsa.

Bernitsas did not respond to our inquiry on the matter.

Bernitsas Law has advised Piraeus Bank on its new EUR 500 million issuance and offering of senior preferred notes due April 2030, and their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

The notes were offered to international and domestic institutional investors. According to the law firm, the transaction was successfully priced on April 10 and settled on April 16, 2024. It attracted interest from more than 110 institutional investors, with 58% of the notes placed among asset managers, insurance companies, and pension funds; 18% to banks and private banks; 17% to hedge funds; and 7% to other investors.

The order book exceeded EUR 1.3 billion, “being more than 2.7 times oversubscribed, clearly indicating investors’ confidence in Piraeus Bank,” Bernitsas reported.

The firm also advised on Piraeus Bank’s previous EUR 500 million issuance of senior preferred notes (as reported by CEE Legal Matters on December 12, 2023).

The Bernitsas team included Partners Nikos Papachristopoulos and Maria Nefeli Bernitsas.

Kyriakides Georgopoulos has advised CBE Capital and a consortium of sponsors on the EUR 95 million financing from Piraeus Bank for the development of the Six Senses Hotel and branded residences in Porto Heli, Greece.

According to KG, “the EUR 150 million development, which is already being enlarged by the purchase of additional adjacent land, is equity-financed by a joint-venture between CBE Capital, Golden Land Goutos which is owned by the Greek Goutos family, the New York-based Taconic Capital Advisors, and London-based Cedar Capital Partners.”

The Kyriakides Georgopoulos team included Partners Christina Chini and Kimon Tsakiris, Counsel Penny Oikonomopoulou, and Associates Konstantinos-Antonios Grivas, Andreas Chassiotis, and Marianna Tsatsanifou.

Kyriakides Georgopoulos did not respond to our inquiry on the matter.

Former Counsels Maria Nefeli Bernitsa and Fotodotis Malamas have been appointed to Partner positions with Greek law firm Bernitsas.

A banking, finance, and capital markets and ESG specialist, Bernitsa joined her current team in 2023. Before that, she spent four years with Travers Smith in London, departing as a Senior Associate. She holds an LLB degree from University College London and an MBA from INSEAD.

“Maria Nefeli has done outstanding work, taking the lead on major workstreams and contributing significantly to the growth and development of the Banking, Finance, and Capital Markets and ESG practices,” Managing Partner Panayotis Bernitsas commented. “I am confident she will continue to build on this fantastic momentum and am pleased to welcome her to the partnership.”

“I am delighted to support the firm’s strong client relationships in my new role and am committed to bringing lots of hard work, passion, enthusiasm, and new ideas to the table,” Bernitsa said. “I am deeply honored to be joining the inspiring partners and supporting every single person in the firm in every way I can, from our support staff to our most senior members.”

An expert in tax and private wealth law, Malamas has been with Bernitsas for the past ten years. Before that, he spent seven years in-house with Lafarge Greece, five of which as Country Tax Manager. Earlier, he spent almost five years with EY, over three with Arthur Andersen, two and a half with the Alampanos Papathanassiou Law Office, and another three with the Papadopoulos Law Office, where he started his career in 1993.

“I am delighted to welcome Fotodotis as a partner, a well-deserved recognition of his commitment to his clients and colleagues and his contribution to the growth of our Tax and Private Wealth Practices,” Managing Partner Panayotis Bernitsas commented. “He has distinguished himself with his in-depth knowledge of complex tax matters and dedication to the highest standards of professionalism and legal services.”

“I am honored to join the Bernitsas Law partnership,” Malamas added. “This is a time of unprecedented change in the Greek and global tax landscape, which presents challenges but also opportunities for our clients, and I am excited to continue supporting them in reaching their goals.”

Former Senior Associate Tania Patsalia has been promoted to a Partner position with Bernitsas.

A Competition and Antitrust Law specialist, Patsalia has been with the firm since 2014. Before that, she spent a year with Ashurst. She has experience advising telecoms, media, and technology companies, representing them before regulators, and supporting them on licensing.

“Tania has been a committed member of the Bernitsas Law team since she joined us as a Trainee Lawyer and I am delighted to welcome her to the partnership,” Managing Partner Panayotis Bernitsas said. “Her promotion reflects her dedication to her clients and colleagues and her success in the great projects she has worked on.”

“I am thrilled and grateful for the acknowledgment of personal and professional growth that comes with this appointment,” Patsalia added. “I am looking forward to continuing to work with my exceptional colleagues and clients on exciting and cutting-edge projects, committed to honoring the firm’s ethos and values.”

Bernitsas Law has advised Dodoni on its issuance of a EUR 75 million bond loan with mandated lead arrangers Piraeus Bank and Eurobank. Koutalidis reportedly advised Piraeus Bank and Eurobank.

Dodoni SA, the Agricultural Dairy Industry of Epirus, is a producer and exporter of dairy products in Greece and a market leader in (PDO) Feta Cheese, according to Bernitsas. Established 57 years ago, Dodoni operates plants in Ioannina, Cyprus, and Thebes, and works with more than 450 people.

“The loan enables Dodoni SA to advance its corporate vision and further its general corporate purposes,” the firm reported.

The Bernitsas team included Partner Athanasia Tsene and Associate Maria Cheimona.