Category: Greece

The Lambadarios law firm has advised Brook Lane Capital on establishing a new joint venture with Lamda Development for the development of a mixed-use tower in the Hellinikon business district in Athens.

“The project will showcase the ultimate in architecture, amenities, and services to meet the strong demand for a luxury residential, office, and 5-star hospitality product,” Brook Lane Capital announced. “It adds a landmark building to the many world-class projects in Hellinikon further enhancing Athens’ position as one of the most attractive European destinations.”

Brook Lane Capital is a Cyprus-headquartered investment management company, focusing on the Greek and Cypriot markets.

Lamda is an Athens Exchange-listed company, specializing in the development, investment, and management of real estate projects.

The Lambadarios team was led by Managing Partner Constantinos Lambadarios and Partner Melina Katsimi.

The Koutalidis law firm, working with Davis Polk & Wardwell, has advised Viva Wallet’s shareholders on the sale of a 49% stake in the company to JP Morgan. Karatzas & Partners and Freshfields Bruckhaus Deringer advised the buyer.

The transaction remains contingent on regulatory approval.

“This milestone transaction sets the stage for JPM’s payments business to develop future international products and services across European small and midsize businesses,” Karatzas & Partners informed. “It also signifies confidence in the potential of the Greek fintech industry and is expected to support the growth of Viva through payments innovation.”

JP Morgan is a US-based financial services provider with operations worldwide. The company specializes in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.

Viva Wallet is an Athens-headquartered cloud-based neobank with offices in 23 European countries. The company provides card acceptance services through its POS application, add-on Google Play devices, and payment systems in online stores.

“Viva Wallet’s mission is to change the way businesses pay and get paid in Europe with cutting edge technology, unprecedented agility, and in-depth knowledge of the European payments landscape,” Viva Wallet CEO Haris Karonis commented. “This strategic investment from JP Morgan’s payments business will enable us to complete the build-out of our vision to deliver fully localized payments and transactions services to SMBs across Europe.”

The Karatzas & Partners team was led by Partner Catherine Karatzas and included Partner Georgios Minoudis, Senior Counsels Nikos Askotiris and Aggeliki Tsatsi, Senior Associates Vassilis Goulielmos, Sonia Saranti, and Alexandros Anagnostopoulos, Associates Olga Vinieri, Stavroula Simitzi, Aris-Nikolaos Papadopoulos, Regina Keramida, Georgia Perivolioti, Mara Skiada, and Angela Boletsi, and Trainees Mariana Gravani, Pinelopi Anyfanti, and Katerina Stathakarou.

The Davis Polk & Wardwell team included London-based Partners Will Pearce and Jonathan Cooklin, Counsels Joseph Scrace, Nicholas Spearing, Matthew Yeowart, and William Tong, and Associates Sophie Bessisso, Freddie Schwier, Mark Chalmers, and Aaron Zacharias.

Koutalidis, working with Skadden, Arps, Slate, Meagher & Flom, has advised Cohn Robbins Holdings on the NYSE public listing of Allwyn Entertainment.

Closing is expected within the second quarter of 2022.

According to Koutalidis, Allwyn Entertainment, a multinational lottery operator and majority shareholder of Greece’s OPAP, is the “new group-wide brand of Sazka Entertainment. The listing will result in an expected total enterprise value for Allwyn of approximately USD 9.3 billion while current Allwyn equity holders are expected to retain around 83% ownership in Allwyn. An innovative feature of the transaction provides CRHC shareholders the opportunity to establish ownership stakes at a maximum enterprise value of roughly USD 8.7 billion.”

Koutalidis did not reply to our inquiry on the matter.

Editor’s Note: After this article was published, Clifford Chance announced it had worked with Kirkland & Ellis to advise Allwyn Entertainment on its listing on the NYSE. Joint placement agents were PJT Partners and Citi with Credit Suisse acting for Cohn Robbins Holdings as equity capital markets advisor. Winston & Strawn reportedly advised the placement agents.

According to Clifford Chance, “the NYSE Listing is another step towards Allwyn’s growth and evolving into a global lottery-led entertainment platform. The expected total enterprise value for Allwyn is approximately USD 9.3 billion (almost CZK 200 billion) and the listing should result in greater access to capital markets to complement its strong balance sheet and cash flow generation, enhancing and expanding its global brand and building upon its reputation for transparency as a longstanding issuer of publicly traded bonds.”

Clifford Chance’s international team, including lawyers from London, New York, and Prague, was led by Prague-based Partner David Kolacek.

Kyriakides Georgopoulos has advised Mantis on the sale of its subsidiary Mantis Informatics to FSN Capital Partners portfolio company Ecovium Holding. Zepos & Yannopoulos and BPV Grigorescu Stefanica, working with GLNS, advised FSN Capital. Eversheds Sutherland advised Oldenburgische Landesbank on the refinancing of Ecovium and financing for the acquisition, with Clifford Chance advising the lenders as well. Noerr reportedly advised Mantis on German law, while Seewald, Rutan & Tucker, Barnea Jaffa Lande, Chrysostomides, and Elvinger Hoss reportedly advised FSN Capital in Poland, the US, Israel, Cyprus, and Luxembourg, respectively.

According to Zepos & Yannopoulos, “the completion of the transaction aligns with Ecovium’s business goals in offering worldwide integrated supply chain execution software solutions while working together with a leading warehouse management system provider of global reach.”

Founded in Athens, in 1996, the Mantis Group is a warehouse management system and logistics software provider. Mantis is present in more than 30 countries in Central and Eastern Europe, Israel, the US, Canada, Latin America, the Middle East, North Africa, and Asia-Pacific.

Ecovium Holding is a German end-to-end logistics software solutions provider in the DACH region. Ecovium employs around 400 people at 21 locations worldwide.

FSN Capital Partners is a Northern European private equity firm. FSN Capital, having EUR 4 billion in assets under management and offices in Oslo, Stockholm, Copenhagen, and Munich, is Ecovium’s lead investor.

“Enterprises are looking for comprehensive and seamlessly integrated supply chain execution software suites and turn-key solutions with a proven track record in their particular vertical markets and geographical regions,” Mantis CEO Yiannis Panagiotopoulos commented. “Following this market trend, we have been actively looking to join forces with successful logistics software and solutions providers with a complementary portfolio and geographical coverage. In this context, Ecovium is an ideal match for Mantis.”

The Kyriakides Georgopoulos team was led by Senior Partner Konstantinos Vouterakos and Counsel Apostolos Georgantas, and included Partners Panagiotis Pothos, Ioanna Kyriazi, and Elina Georgili, Senior Associates Ioanna Barba and Angeliki Miliakou, and Associates Marianna Katsifi and Despina Korovesi.

The Zepos & Yannopoulos team was led by Partner Stefanos Charaktiniotis and Associate Nadia Axioti and included Associate Elia Bastali.

The BPV Grigorescu Stefanica team included Partner Catalin Grigorescu and Associate Tania Hotca.

The Eversheds Sutherland team was led by Munich-based Partner Thomas Freund and included Associate Tiziana Daxenberger and Lawyer Teresa Feistle-Bertsch.

The GLNS team was led by Partner Ludger Schult and included Partners Daniel Epe, Andreas Scheidle, and Anselm Lenhard and Associates Eva-Maria Bayer and Jennifer Blumlein.

The Clifford Chance team included Frankfurt-based Partner Steffen Schellschmidt, Counsel Christoph Nensa, and Associate Nico Koehler.

Former Senior Associate Yiannis Kantas has been promoted to Partner with Koutalidis Law Firm’s Public Procurement Law practice.

Specializing in public procurement and concession projects, privatizations, and public-private partnerships, Kantas has been with the firm since 2005. He has a Bachelor’s degree in Law from the University of Athens.

“We strongly believe that in his new role, Yiannis will further strengthen the firm’s public procurement expertise and hands-on business-minded approach in transactional matters, and we congratulate him and welcome him to the partnership,” the firm announced.

The KLC Law Firm has advised National Energy Holdings on its EUR 60 million bond loan program with Piraeus Bank. PotamitisVekris reportedly advised the lender.

According to the firm, the loan will be used for financing “the construction, development, and operation of seven photovoltaic parks in the regions of Thiva and Korinthos, Greece, with a total capacity of 60,3 megawatts-peak, including the construction of the associated grid infrastructure.”

Founded in 2018, National Energy is a London-headquartered privately financed corporate group focusing on large-scale investments and strategic acquisitions in clean energy solutions. The company has had a presence in Greece for more than two years.

“We very much value the level of support received on behalf of our partners who helped us overcome a challenging development cycle and reach financial close,” National Energy Greece Country Manager George Lagios commented. “We now look forward to completing the construction phase and connecting our projects.”

KLC previously advised National Energy Holdings on its acquisition and construction of solar parks in Greece (as reported by CEE Legal Matters on December 1, 2020).

Kyriakides Georgopoulos has advised Evo Payments on the acquisition of a 51% stake in merchant acquiring business spin-off from the National Bank of Greece.

Closing is expected in 2022, pending regulatory approval.

According to the firm, “the transaction structure contemplates the creation of a merchant acquiring joint venture through a spin-off of NBG’s merchant acquiring business into a new entity, and Evo will acquire a 51% interest in the new entity.”

Evo Payments is a provider of payment technology integrations and acquiring solutions.

“We are very excited to expand our international footprint into Greece by forming a long-term marketing alliance with NBG,” Evo Payments CEO James Kelly commented. “NBG will be a trusted partner as we bring our proprietary solutions to the market and increase card acceptance. The Bank’s market-leading brand recognition and significant customer base will enable us to grow the merchant portfolio as we work together to deliver strong revenue growth.”

“The establishment of our relationship with Evo is a great step forward for the National Bank of Greece as it seeks to capitalize on the attractive payments opportunity in the market,” NBG CEO Paul Mylonas added. “We are equally pleased to form this alliance and leverage Evo’s proven payments expertise as we enhance our merchant acquiring products and services and increase the value of the business.”

The KG team was led by Partners Konstantinos Vouterakos and Konstantinos Issaias and included Partners Anastasia Dritsa, Elina Georgili, and Ioanna Kyriazi, Senior Associate Zaphirenia Theodoraki, and Associates Thanasis Misirlis, Faye Mylonaki, Matina Roma, Alexandros Kourtis, Natalia Soulia, and Despina Korovesi.

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

Lydia Sofrona has become a Partner at Koutalidis, in the firm’s Tax Law practice.

According to the firm, she “has extensive knowledge of corporate taxation and tax procedures, having participated actively in the formulation and development of the Greek income tax code and the Greek tax procedures code.”

Before joining Koutalidis in 2021, Sofrona spent a year as a Senior Consulting Counsel for the IMF and three and a half as Director of Legal Services for Greece’s Independent Authority for Public Revenue. Prior to that, she spent 13 years at the Greek Ministry of Finance, between 2004 and 2016, the last two of which as the Head of Directorate of Legal Support for the General Secretariat of Public Revenue. Even earlier, Sofrona spent two years with the Hellenic Touristic Properties company and another four as an Attorney with C.Gortsos & Associates, between 1998 and 2002.

“Lydia is an excellent addition to our family and we are thrilled to have her with us,” Managing Partner Nikos Koritsas commented. “She is a seasoned tax attorney with a stellar professional and academic reputation. I am confident that she will become a valuable member of our team and contribute significantly to the continuous growth and expansion of our Tax Law Practice.”

“Lydia brings on an excellent technical skillset and a deep understanding of the tax administration’s perspective,” Head of Tax George Naskaris added. “We are truly delighted to have her on board. The tax team of Koutalidis Law Firm stands ready to deal with any assignment, however challenging, in the field of tax advisory services and tax litigation.”

Zepos & Yannopoulos has advised Islalink Holdings on the development of the Ionian submarine fiber optic system in Greece.

According to Zepos & Yannopoulos, “the Ionian submarine system will connect Crotone, Italy, with Preveza, Greece and will be complemented with two terrestrial fiber rings extending it to the cities of Milan and Rome, in Italy, and Athens and Thessaloniki, in Greece.”

Islalink Holdings is part of Fiera Infrastructure. According to the company, the Ionian cable “addresses the need for very large wholesale capacity (wavelength, spectrum, and dark fiber) between Western Europe and Greece through a new system on a completely diverse route.”

Zepos & Yannopoulos’ team included Partners Athina Skolarikou and Sonia Melegou, Senior Associates Antonis Giannakodimos and Ioanna Poulakou, and Associates Gina Dimitropoulou and Anastasia Veneti-Pagoni.

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

Souriadakis Tsibris has advised the former main shareholder of Ideal Group, Virtus, on its dissolution and distribution of all of its shares in the group to Ideal Group’s investors including, among others, Piraeus Bank, Eurobank, and VNK Capital Ltd.

According to Souriadakis Tsibris, “this was the last step which concludes the project of a reverse takeover of Ideal by the VSEF fund, and the concurrent indirect listing of the VSEF holdings in the Athens Exchange (as direct subsidiaries of Ideal, namely Astir Vitogiannis and 3Cents).”

Souriadakis Tsibris’ team included Managing Partner Michael Tsibris, Partner Giannis Koumettis, and Associate Hara Kora.

Souriadakis Tsibris did not reply to our inquiry on the matter.