Category: Greece

Zepos & Yannopoulos, working with Cyprus-based Chrysostomides & Co, has advised the Adaptavist Group on its acquisition of Nimaworks Limited. Masouros & Partners advised the sellers.

The Adaptavist Group is a London-based international technology and solutions provider. Nimaworks Limited provides information technology solutions and services in Greece and Cyprus.

“The completion of the transaction reflects Adaptavist’s business goals in offering worldwide technology and innovative solutions while integrating a leading Atlassian Partner company in the Greek and Cypriot markets,” Zepos & Yannopoulos informed.

The Zepos & Yannopoulos team included Partners Stefanos Charaktiniotis and Rania Papakonstantinou, Senior Associate Elpida Karathodorou, and Associates Nadia Axioti, Rania Koliouli, and Alexandros Lamprou.

The Masouros & Partners team included Managing Partner Pavlos Masouros and Associates Prokopis Iatropoulos and Adem Agko.

Koutalidis has advised Alpha Bank on the successful tender offer for EUR 400 million in senior preferred notes due 2024 and a new EUR 450 million issuance of non-call senior preferred notes under Alpha Bank’s EUR 15 billion EMTN Program.

Alpha Bank, BNP Paribas, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe, and Morgan Stanley Europe were the dealer managers of the tender offer. BNP Paribas, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe, and Morgan Stanley Europe were the joint bookrunners for the new notes, with Alpha Bank as co-manager for the issuance.

According to Koutalidis, “the tender offer was addressed to holders of the called notes, who were given priority allocation, giving them the opportunity to retain their investment and confidence in Alpha Bank. This innovative transaction, as it was the first tender offer launched by a Greek Bank coupled with a new issuance of new notes over the past seven years, allowed Alpha Bank to proactively refinance its EUR 400 million called notes along with the issue of the new notes in managing its minimum required eligible liabilities position.”

The Koutalidis team included Partners Nikos Salakas, Ioannis Kaptanis, and George Naskaris.

Koutalidis did not respond to our inquiry on the matter.

Lambadarios has advised lead arrangers National Bank of Greece and Piraeus Bank on a EUR 680 million project financing facility for the Eldorado Gold Corporation towards the development of the Skouries project in Northern Greece. Liberopoulos and Milbank reportedly also advised the banks. Karatzas & Partners and Texas-based Bracewell reportedly advised Eldorado Gold.

According to Lambadarios, “the first mining PF in Greece will deliver the world-class Skouries gold mine for the benefit of all involved.”

The Lambadarios team included Partners Georgios Panopoulos, Prokopis Dimitriadis, Konstantina Siozou, Melina Katsimi, and Constantinos Lambadarios and Senior Associate Katerina Gini.

Koutalidis has advised Matthew Gregory Kaminski and Mikhail Gregory Kaminski on the acquisition of 90% of the share capital and voting rights in Greek Superleague football club Panetolikos FC from shareholder Fotios Kostoulas.

The transaction remains contingent on regulatory approval. 

According to Koutalidis, the transaction also includes “the acquisition of the training facilities from Emileon SA.”

Koutalidis did not respond to our inquiry on the matter.

Zepos & Yannopoulos, working with the German offices of Taylor Wessing, has advised Triathlon Holding on the sale of 51% of its share capital to the Sunlight Group.

The transaction remains contingent on regulatory approval.

According to Zepos & Yannopoulos, Triathlon Holding is a “leading German producer of lead-acid batteries and lithium-ion battery systems with a global presence, whereas the Sunlight Group, a member of the Olympia Group, is an international company specializing in innovative off-road mobility storage systems.”

The Zepos & Yannopoulos team included Partner Stefanos Charaktiniotis and Senior Associate Stathis Orfanoudakis.

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

Reed Smith has advised Alpha Bank on the EUR 32 million financing for a 27-megawatt onshore wind project developed by Valorem subsidiary Anatoliko Askio-Magoula of Greece. Watson Farley & Williams reportedly advised Valorem.

According to Reed Smith, “the project is developed in the Kozani region of Greece and will have a total installed capacity of 27 megawatts, consisting of six Vestas wind turbine generators. It is expected to come online by early 2024. The annual power production of the project is estimated at 71 gigawatt-hours, covering the needs of approximately 18,000 households.”

Valorem is a renewable energy developer and power producer active in France, the French Antilles, Finland, Poland, Colombia, and Greece.

“We aim to develop our presence outside France and support Europe to accelerate the energy transition, achieve its green goals, reach energy autonomy, and secure the supply of affordable green electricity. Following our solid business strategy, since 2019 we develop a mixed renewable energy sources portfolio in Greece with photovoltaics and wind farms,” Valorem COO Philippe Tavernier commented. “Greece is a key market for us, and we are delighted that our expansion there is supported by Alpha Bank, our financial partner.”

The Reed Smith team was led by Athens-based Partner Dimitris Assimakis and included Counsel Minas Kitsilis, Senior Associate George Fountas, and Associate Georgia Koui, as well as lawyers from the firm’s Paris and London offices.

Bahas Gramatidis & Partners has advised the Hellenic Republic Asset Development Fund on the launch of a Greek Ministry of Development & Investment project titled New Industrial Parks.

According to Bahas Gramatidis & Partners, “the project concerns the provision of financial assistance and budget support by the Recovery and Resilience Fund for the establishment of new facilities for next-generation industrial parks; the expansion of existing industrial parks to meet the needs for adaptation to the modern Industry 4.0 strategy; the transformation of high industrial concentration areas into technologically smart, environmentally sustainable, and innovative industrial parks.”

According to the firm, “the program is also designed to support the promotion of the Industry 4.0 transformation initiative in Greece and improve the competitiveness of Greek industry. Furthermore, the program is expected to positively impact the achievement of the European Union’s climate and environment [goals] and strengthen the circular economy. The project is implemented through the National Recovery and Sustainability Plan Greece 2.0 framework with European Union funding – NextGenerationEU.”

“The program’s total public expenditure is EUR 100 million … with an equal amount expected to be paid by the private sector. The program’s implementation will be completed by the end of 2025,” the firm announced. 

The Bahas Gramatidis & Partners team was led by Partner Yanos Gramatidis.

Kyriakides Georgopoulos has advised Frigoglass on an up to EUR 55 million interim financing from the holders of the existing senior secured notes due 2025, with the funding to be used for debt and capital restructuring.

According to KG, the Frigoglass Group also “entered into a lock-up agreement, pursuant to which the parties commit to provide support to implement, by January 2023, the transaction aiming at the overall restructuring of the Frigoglass Group’s debt.”

The Frigoglass Group is a manufacturer of commercial refrigeration products as well as glass and plastic packaging. It’s listed on the Athens stock exchange and has production hubs in Romania, Russia, Greece, India, Indonesia, South Africa, and Nigeria.

Five years ago, in 2017, KG advised Frigogalss on the completion of its previous debt and capital restructuring process (as reported by CEE Legal Matters on November 2, 2017).

KG’s team included Partners Theodore Rakintzis, Konstantinos Issaias, and Panagiotis Pothos, Senior Associate Meletios Andrianos, and Associate Maria Karampotsiou.

KG did not respond to our inquiry on the matter.

Editor’s Note: In May 2023, Kyriakides Georgopoulos announced that the restructuring had been successfully completed, “leading to the strengthening of the group’s capital structure, now controlled by the group’s noteholders and by Frigoglass SAIC, retaining a minority stake.” In addition to the firm’s original team, Partners Ioanna Kyriazi and Irene Kyriakides worked on the matter as well.

Zepos & Yannopoulos, working with Gide Loyrette Nouel, has advised France’s Le Collectionist on its acquisition of local luxury accommodation operator The Greek Villas.

According to Zepos & Yannopoulos, Le Collectionist is a Paris-based rental company with luxury homes across six continents. The Greek Villas is a Greek luxury villa operator. “The acquisition is part of [Le Collectionist’s] long-term strategy to grow the brand through acquisitions in new markets and to consolidate its leadership in existing destinations, while it signals the entrance of Le Collectionist in the Greek market.”

The Zepos & Yannopoulos team included Partners Stefanos Charaktiniotis and Maria Zoupa and Senior Associates Danai Falconaki and Elpida Karathodorou.

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

Kyriakides Georgopoulos has advised a Korkia-funded partnership – including local developers GH Energy and AA Sunshine – on the acquisition and development of a photovoltaic project pipeline in mainland Greece and Crete with a targeted total capacity of 1 gigawatt.

According to KG, the transaction was completed in September 2022 and marks Korkia’s entry into the Greek renewables market.

Korkia is a Helsinki-headquartered investment and advisory company.

The KG team was led by Senior Partner Gus Papamichalopoulos and included Senior Associate Efi Palaiologou, Associates Antonis Koumpias and Anna-Maria Papamichalopoulou, and Junior Associates Iakovos Koulouris and Alkistis Vallianatou.