Category: Greece

Kyriakides Georgopoulos has advised BlueFuel on the acquisition of a biogas production unit with an installed capacity of 950 kilowatts – for which a 750-kilowatt expansion is planned – based in the Region of Central Macedonia.

The Bluefuel company is a member of Molgas Energy Holding and an affiliated entity of Blue Grid Gas & Power.

“This acquisition marks the expansion of the group’s activities in the renewable fuels sector,” the firm announced.

Back in 2023, Kyriakides Georgopoulos advised Blue Grid Gas & Power on the acquisition of the 999-kilowatt Biomesti biogas production unit in Mesti (as reported by CEE Legal Matters on June 28, 2023).

The Kyriakides Georgopoulos team included Associate Anna-Maria Papamichalopoulou and Junior Associates Maria Agapi Alexiadi and Melina Kolovetsiou.

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

Zepos & Yannopoulos has advised Greenvolt on its acquisition of a 200-megawatt solar project in Farsala, Greece, from the Archirodon Group.

Greenvolt is a renewables developer and operator.

The Archirodon Group is a Greek company that provides services relating to the construction and maintenance of maritime infrastructure and other construction works.

The Zepos & Yannopoulos team included Senior Associates Smaragda Spyrou and Mary Georgiou and Associates Danae Mini, Katerina Vogiatzi, Apostolos Skoutas, and Charalampos Simopoulos.

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

Fortsakis Diakopoulos & Associates has advised the Hellenic Republic Asset Development Fund on the sale of a 67% stake in the Heraklion Port Authority to a consortium consisting of Grimaldi Euromed and Minoan Lines.

The Hellenic Republic Asset Development Fund is a direct subsidiary of the Hellenic Corporation of Assets and Participations which was established in 2016 in the aftermath of the Greek debt crisis.

The Grimaldi Group is a shipping passenger transport operator in Northern Europe and the Mediterranean.

Minoan Lines is a passenger ferry company operating in Europe.

According to Fortsakis Diakopoulos & Associates, “this transaction signals a new era of development for the Heraklion Port. The HRADF acquires a strategic partner who has an ambitious investment program, aiming to exploit the strategic position of Heraklion in the Eastern Mediterranean for the development of new commercial flows, the strengthening of cruises, and the transport of new vehicles, as well as make the port of Heraklion a truly ‘green’ port through investments in renewable energy sources.”

The Fortsakis Diakopoulos & Associates team included Senior Partner Dimitris Diakopoulos, Partner Nikolas Avgouleas, Counsels Grigoris Livieratos and Nikoletta Beneki, and Associate Eleni Souli.

Fortsakis Diakopoulos & Associates did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Kyriakides Georgopoulos announced it had advised the Grimaldi Group on the deal. The firm’s team included Senior Partner Konstantinos Vouterakos, Partners Constantinos Kavadellas and Anastasia Dritsa, and Counsel Vasileos Douzenis.

AKL has advised Alpha Bank on a EUR 350 million refinancing deal with Astir Palace Vouliagmenis.

Astir Palace Vouliagmenis operates in the hospitality industry and is the proprietor of the Four Seasons Astir Palace Hotel Athens, an ultra-luxury resort located along the Athens Riviera.

Previously, AKL advised Alpha Bank on Astir Palace’s EUR 362 million issuance (as reported by CEE Legal Matters on November 3, 2021).

Bernitsas Law has advised the Piraeus Bank on its EUR 500 million issuance of Senior Preferred Notes due December 2029 and their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

The notes were offered to international and domestic institutional investors. The transaction was priced on November 28, 2023, and was expected to settle on December 5, 2023. “It attracted significant interest from more than 150 institutional investors and was oversubscribed by 3.2 times, clearly indicating investors’ confidence in the prospects of Piraeus Bank,” Bernitsas announced.

The firm also advised on Piraeus Bank’s previous EUR 500 million issuance of senior preferred bonds, due 2028 (as reported by CEE Legal Matters on July 17, 2023).

The Bernitsas team included Partner Nikos Papachristopoulos, Counsel Maria Nefeli Bernitsa, and Associate Kelly Hatzigaki.

Bernitsas has advised Eurobank on the EUR 500 million issuance and offering of its fixed-rate callable senior preferred instrument due November 2029 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

According to Bernitsas, the transaction was oversubscribed over three times and attracted “strong and geographically diverse demand from international investors, with Eurobank receiving final orders at re-offer from 101 different investors.”

Back in 2021, Bernitsas also advised Eurobank on another EUR 500 million issuance of senior preferred instruments (as reported by CEE Legal Matters on September 30, 2021).

The Bernitsas team included Partner Nikos Papachristopoulos, Counsel Maria Nefeli Bernitsa, and Associate Kelly Hatzigaki.

Bernitsas did not respond to our inquiry on the matter.

Bernitsas Law has advised Helleniq Energy Holdings on the refinancing of a EUR 400 million common bond loan issued by its Hellenic Petroleum subsidiary.

HelleniQ Energy Holdings, formerly known as Hellenic Petroleum SA, is one of the largest oil companies in Southeast Europe, according to the firm.

Back in 2022, Bernitsas also advised Helleniq Energy Holdings on the EUR 33.5 million joint financing of its subsidiary Hellenic Petroleum Digital by Alpha Bank and the Recovery and Resilience Fund (as reported by CEE Legal Matters on November 23, 2022).

The Bernitsas team included Partner Athanasia Tsene and Associate Sildia Fotopoulou.

Bernitsas did not respond to our inquiry on the matter.

Bernitsas Law has advised the European Investment Bank on its financing for the extension of the Northern Cyclades interconnection, a project conducted by Greece’s Independent Power Transmission Operator.

According to the firm, the project aims to interconnect the last remaining non-interconnected islands in the Western and Southern Cyclades in a closed loop with the already interconnected system of the Northern Cyclades and with continental Greece’s transmission network. “The project encompasses the installation of five underground and submarine cables, spanning over 350 kilometers, alongside the construction of four GIS substations situated on the islands of Thira, Folegandros, Milos, and Serifos.”

The overall financing of the project, documented under two separate Luxembourg law-governed facility agreements, totals EUR 470 million, the firm reported. The project was financed both by EIB’s own funds and through the Recovery and Resilience Facility and was secured by IPTO assets in Greece.

The Bernitsas team included Partner Athanasia Tsene and Associate Sildia Fotopoulou.

Bernitsas did not respond to our inquiry on the matter.

Kyriakides Georgopoulos has advised the shareholders of Karydakis on the sale of the company to the Multi-Color Corporation.

Karydakis is a provider of in-mold label solutions.

MCC is a global label industry player with approximately USD 3.5 billion in annual revenue.

The Kyriakides Georgopoulos team included Partners Claire Pavlou, Ioanna Kyriazi, and Panagiotis Pothos, Counsel Katerina Tzamalouka, Senior Associate Amalia Pantazi, Associate Aggelos Kosteletos, and Trainee Electra Livani.

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

Shearman & Sterling has advised the Hellenic Financial Stability Fund on its EUR 1.1 billion fully marketed offering of a 22% stake in the National Bank of Greece. Koutalidis, working with Milbank, advised the offering’s coordinators, managers, and underwriters. Freshfields Bruckhaus Deringer advised the National Bank of Greece.

JP Morgan, Goldman Sachs Investment Banking Europe, Morgan Stanley Europe, and UBS Europe were the joint global coordinators. BofA Business Securities Europe, the AXIA Ventures Group, and Euroxx Securities acted as managers. Euroxx Securities was also the advisor and lead underwriter, while NBG Securities acted as lead underwriter. JP Morgan also acted as disposal advisor to the HFSF.

Founded in 1841, the NBG’s shares have been listed on the ATHEX since 1880. It is one of the four systemic banks in Greece, with a market capitalization of approximately EUR 5.57 billion as of November 2023.

Before this transaction, the HFSF held a 40.39% stake in the NBG. The offering was addressed to retail and qualified investors in Greece and foreign institutional investors, through private placements. According to Koutalidis, “the Offering, which was the first fully marketed offering completed by the HFSF under its divestment policy, attracted very strong investor demand as it was more than eight times oversubscribed.”

According to Freshfields, “the transaction is the largest European privatization FMO since 2005, the largest Greek equity capital markets transaction since 2021, and the largest secondary placement in Greece since 2005.”

“The successful completion of the offering of 22% of National Bank’s share capital to international and Greek investors, which was oversubscribed, is a very positive development for National Bank and the banking system of the country,” Greek Minister of National Economy and Finance Kostis Hatzidakis commented. “It follows other recent positive developments in the sector and the successive upgrade of the country’s credit rating in the last few months. The transaction was the most successful in the EU during the last three years in terms of demand and minimizing the discount on the offer price. It is a source of optimism for our banking system and the Greek economy.”

The Shearman & Sterling team included London-based Partners Pawel Szaja and Barnabas Reynolds and Associates Silvia Montanya, Stavros Bakolas, and Evangelia Andronikou.

The Koutalidis team included Managing Partner Nikos Koritsas and Partners Nikos Salakas and George Naskaris.

The Freshfields team included London-based Partners Christopher Mort and Doug Smith, Counsel Richard Ho, and Senior Associate Mazen Talih.