Category: Greece

Kyriakides Georgopoulos, in collaboration with Herbert Smith Freehills’ Brussels office, has assisted the Hellenic Gas Transmission System Operator (DESFA) in obtaining an unconditional Phase I clearance from the European Commission for the acquisition of a jointly controlled shareholding in Gastrade. Cleary Gottlieb Steen and Hamilton reportedly advised Snam, and Zepos & Yannopoulos reportedly advised Gastrade and the other controlling shareholders. 

According to KG, “Gastrade will develop a liquefied natural gas floating storage regasification unit in Alexandroupolis, Northern Greece. The terminal is considered a project of common interest for the EU (2019-2021) and a priority project for the Greek National Energy Strategy involving a EUR 380 million investment and scheduled to enter in operation in 2023.”

KG’s team included Senior Partner Gus Papamichalopoulos, Partner Anastasia Dritsa, Senior Associate Konstantinos Varelas, and Associate Fenia Mylonaki.

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

Moratis Passas have advised Davidson Kempner on the Project Pivot transaction, which includes the purchase of approximately EUR 400 million gross book value non-performing loans of Piraeus Bank S.A. Floropoulou & Partners reportedly also advised Davidson Kempner.

Davidson Kempner is a global institutional alternative investment management firm with over USD 34 billion in assets under management.

Moratis Passas team was led Partner Vassilis Saliaris and Senior Associate Mantha Varela and included Associate Maria Androulaki.

Moratis Passas could not provide further information on the deal.

Moratis Passas has advised Davidson Kempner on the Project Cosmos securitization transaction, which includes the purchase of 51% of the mezzanine and junior notes issued in the context of securitization on EUR 3.4 billion gross book value primarily non-performing loans of Alpha Bank S.A.

Davidson Kempner is a global institutional alternative investment management firm with over USD 34 billion in assets under management.

Moratis Passas’ team was led by Partner Vassilis Saliaris and included Counsel Lina Kapoula.

Moratis Passas could not provide further information on the deal.

Moratis Passas has advised the DoValue Group in relation to the Mexico securitization transaction originated by Eurobank. Allen & Overy and Karatzas & Partners advised Eurobank on the deal.

According to Moratis Passas, the securitization includes “the purchase of a portion of mezzanine and junior securitization notes of the EUR 5.2 billion nominal value (EUR 3.2 billion gross book value) multi-asset NPE portfolio of Eurobank S.A. and the ongoing servicing of the portfolio by DoValue Greece.”

Moratis Passas’ team was led by Partner Vassilis Saliaris and included Associates Pelagia Klara, Maria Androulaki, and Andreas Chasiotis.

Karatzas & Partners’ team included Partner Alexandros Metallinos, Senior Associate Sonia Saranti, and Associates Fereniki Tsitsirigkou and Alexandra Agorastou.

Moratis Passas has advised the Piraeus Bank Group as well as the arrangers on the Sunrise II securitization transaction, involving a retail and corporate NPE portfolio of EUR 2.7 billion gross book value. 

The transaction is part of the Hellenic Asset Protection Scheme, implemented by the Greek Ministry of Finance, designed to assist banks in securitizing non-performing exposures and moving them out of their balance sheets. 

The Moratis Passas team was led by Partner Vassilis Saliaris and included Associates Pelagia Klara, Maria Androulaki, and Andreas Chasiotis.

Souriadakis Tsibris has advised the Elikonos 2 SCA Sicar private equity fund on its EUR 1.1 million investment in Ojoo Limited.

Ojoo operates the music and sounds library website Soundsnap with approximately 2.9 million registered users from the film, music, advertising, and video games industries. The company has offices in Cyprus, Greece, and the USA.

The Souriadakis Tsibris team consisted of Partner Pigi Konstantinou and Associates Zinovia Gkatsi and Denia Biliraki.

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

Bernitsas Law has advised Imker Capital Partners on its acquisition of a 42.4% stake in Softone Technologies and related shareholders’ agreement. A.Papapanagiotou & Partners reportedly advised the sellers.

Imker Capital Partners invests in private and public securities predominantly focused on Europe.

Softone is a Greek software development company, developing enterprise resource planning and customer relationship management packaged business software targeted primarily to small and mid-size enterprises. The company offers services to more than 17,000 customers.

The Bernitsas team was led by Partner Nikos Papachristopoulos and Senior Associate Sofia Kontou.

Bernitsas Law, working with Allen & Overy, has advised Piraeus Bank on its inaugural EUR 500 million issuance of green senior preferred bonds and their listing on the Luxembourg Stock Exchange’s Euro MTF market. Clifford Chance reportedly advised the managers of the transaction.

Established in 1916, Piraeus Bank is a Greek company offering a range of banking services and specializing in SMEs, retail banking, e-banking, and capital markets. Piraeus Bank is one of the four systemic banks in Greece, with a network comprising 524 units and employing approximately 10,900 people.

The Bernitsas Law team included Partner Nikos Papachristopoulos and Junior Associate Kelly Hatzigaki.

The Allen & Overy team was led by Partner Tom Grant and included Solicitor Nuno Castelao.

Milbank has advised BC Partners on the financing for its acquisition of Pet City Group in Greece.

The financing includes committed facilities.

According to Milbank, “Pet City, a Greek pet retail company, was founded in 1988 and has grown as a family-owned business to be a market leader in Greece serving around three million customers annually. The founding family will retain a minority share in the company. This acquisition takes place in a sector in which BC Partners has strong expertise and know-how, having made successful investments in the UK and US pet markets.”

Founded in 1986, BC Partners is a British investment firm focused on private equity, credit, and real estate.

Milbank’s team included Partner Apostolos Gkoutzinis and Associate Lefteris Dafermos.

Milbank did not reply to our inquiry on the matter.

The KLC Law Firm has advised the Hellenic Gaming Commission on awarding the “concession of the license to operate a wide range of casino activities in the Metropolitan Park of Elliniko – Agios Kosmas” to an association of companies operating under the name Athens IRC.

According to KLC, Athens IRC is an “evolution of the original contractor Inspire Athens.”

KLC did not reply to our inquiry on the deal.

Editor’s Note: On June 9, 2022, KLC announced that the concession agreement had been executed. The concessionaire, Athens IRC, is an association of MGGR, MGE Hellinikon, and GEK Terna Holding Real Estate Construction.