Category: Greece

Clifford Chance and Bernitsas have advised the Hellenic Financial Stability Fund on its EUR 690 million sale of a 10% stake in the National Bank of Greece with J.P. Morgan, Goldman Sachs, Morgan Stanley, and UBS as the joint global coordinators. Milbank reportedly advised the underwriters.

According to Clifford Chance, “the sale was structured as a fully marketed secondary equity capital markets offering and comprised both Greek and international institutional offering tranches as well as a Greek public offering. The offering, which closed on October 7, 2024, saw the HFSF sell 91,471,515 shares in NBG through a book-building process and retail offering in Greece and was more than 10 times oversubscribed, raising gross proceeds of approximately EUR 690 million.”

Earlier this year Bernitsas advised Thrivest Holding on an agreement with the HFSF to create the fifth banking pillar in Greece (as reported by CEE Legal Matters on July 25, 2024).

The Bernitsas team included Partners Maria Nefeli Bernitsa, Fotodotis Malamas, and Dimitris Roussis, Counsel Anastasia Mallerou, Senior Associate Mara Lissari, and Trainee Lawyer Sotiris Kolelis.

The Clifford Chance team included lawyers in London, Frankfurt, and Brussels.

Editor’s Note: After this article was published, Koutalidis announced that it advised joint global coordinators J.P. Morgan, Goldman Sachs Bank Europe, Morgan Stanley Europe, and UBS Europe, joint bookrunners Bank of America Securities Europe, BNP Paribas, Citi Global Markets Europe, and Deutsche Bank Aktiengesellschaft, co-lead managers AXIA Ventures Group Limited and Euroxx Securities, as well as Euroxx Securities in its capacity as advisor and lead underwriter and NBG Securities as lead underwriter. The Koutalidis team included Managing Partner Nikos Koritsas, Partner George Naskaris, Senior Associate Georgia Koutsoukou, and Associates Kelly Hatzigaki and Panagiota Thivaiou.

Potamitis Vekris has advised Blackstone and Hotel Investment Partners on the acquisition of the company that owns the Grand Hyatt Athens hotel.

Blackstone is an American alternative investment management company based in New York City.

Hotel Investment Partners is an investor in leisure hotels in southern Europe.

The Potamitis Vekris team included Partners Theologos Mintzas, Dimitrios Loukas, Alexandros Metallinos, and Spiros Tassis, Senior Associates Athanasios Taliadouros, Panagiota Kelali, and Nikolas Sigkridis, Associates Marina Fyrigou Koulouri, Nikos Stefas, Yannis Ragos, Valia Anastasopoulou, Ilia-Aikaterini Boura, Kassiani Flaouna, Virginia Kaklamanis, Konstantina Markomichali, Marianna Papandreou, and Sofia Tsipouridi-Paraskevopoulou, and Junior Associates Nick Santas and Glafki Setta.

Potamitis Vekris did not respond to our inquiry on the matter.

Drakopoulos has launched a new Data and Digital practice dedicated to “providing comprehensive legal solutions to clients navigating the increasingly complex landscape of data protection, digital transformation, AI, cybersecurity, and emerging technologies.”

The new Data and Digital Practice is led by Of Counsel John Giannakakis with Partner Michalis Kosmopoulos being on the team as well. 

Before joining Drakopoulos, Giannakakis was a Senior Partner of G+P Law Firm between 2018 and 2023. He has also served as the Group General Counsel, Chief Compliance & Risk Officer of Avramar between 2019 and 2022 and has been serving as the Chief Legal Officer of ELTA Hellenic Post since 2023.

Kosmopoulos has been with Drakopoulos since 2014. Earlier, he spent a year and a half in-house with Generali, between 2012 and 2014. Earlier still, he worked for five years as Partner with Giannoulas | Kosmopoulos. Before that, he was an Associate with Mikroulea, Chrissanthis and Partners between 2006 and 2008 and an Associate with Dontas between 2004 and 2006.

Rounding out the team are Of Counsel Dimitris Kampourmalis and Senior Associates Elena Vrakatseli and Angie Alevizou.

Lambadarios has advised the Hellenic Republic Asset Development Fund on the Attiki Odos concession agreement executed between the Greek State and GEK Terna Group. Marinos Petroulias & Partners advised GEK Terna.

According to Lambadarios, Attiki Odos is a critical motorway for Athens and the Attica region. “This EUR 3.3 billion agreement marks the largest concession contract in Greece’s history and signifies the first time a concession agreement has been succeeded by a new one.”

In 2022, Lambadarious advised the Hellenic Republic Asset Development Fund on the first stage of the Attiki Odos Motorway concession (as reported by CEE Legal Matters on May 16, 2022).

The Lambadarios team included Partner Yannis Kourniotis and Senior Associates Theodoros Papadatos and Magdalini-Christina Vlachou-Vlachopoulou.

The Marinos Petroulias & Partners team included Partners Panagiotis Petroulias, Nafsika Gountza, and Theodore Katsas and Senior Associates Charis Loizou and Nasia Koutra

Koutalidis has advised Alpha Services and Holdings on its issuance of EUR 300 million fixed rate reset Additional tier 1 perpetual notes with a yield of 7.5%.

According to Koutalidis, “the issuance of the Notes, which are listed on the Luxembourg Stock Exchange – EuroMTF Market, received exceptional demand from 250 investors approaching EUR 2.9 billion and was oversubscribed 9.5 times the initial target.”

Earlier in 2024, Koutalidis advised Alpha Services and Holdings on a EUR 500 million issuance (as reported by CEE Legal Matters on June 27, 2024). In 2023, Koutalidis advised Alpha Bank on its partnership with UniCredit in Greece and Romania (as reported by CEE Legal Matters on November 16, 2023) and has also advised Alpha Holdings and Services on its EUR 400 million note issuance (as reported by CEE Legal Matters on February 15, 2023).

The Koutalidis Team included Partners Ioannis Kaptanis and George Naskaris.

Koutalidis did not respond to our inquiry on the matter.

Sophia Grigoriadou – the former Managing Partner of KPMG’s affiliate law firm CPA – has joined PwC’s Greece office as Partner and Head of Legal Services.

Before the move, Grigoriadou spent almost five years with CPA, between 2019 and 2024. Earlier, she was a part of Dryllerakis & Associates, which she joined in 1997 as an Associate. She then was promoted to Senior Associate 2000, Junior Partner in 2002, Partner in 2010, and Senior Partner in 2014.

According to PwC, “with over 20 years of experience, Sophia will lead our legal team in continuing its successful journey of growth and expansion into new capabilities.”

Potamitis Vekris has advised Farallon Capital Management on the sale of its majority stake in Euromedica Group’s clinics and rehabilitation centers business to Imithea Single Member. KLC reportedly advised the buyer.

The transaction remains contingent on regulatory approval.

Imithea Single Member owns the Henry Dunant Hospital Center, one of the largest hospital centers in Southeastern Europe. 

According to Potamitis Vekris, “the transaction includes the sale of five general and obstetrics clinics and one rehabilitation center in Thessaloniki, Rhodes, and Kozani, as well as procurement, IT, and real estate management companies.”

The Potamitis Vekris team included Partner Vassilis Stergiou, Senior Associates Spyros Roussakis and Konstantinos Rachianiotis, and Associate Christos Chionas.

Bernitsas, working with Bonelli Erede, has advised Guala Closures on the acquisition of Astir Vitogiannis Bros, with an enterprise value of EUR 136 million, from a company within the Ideal Group.

Guala Closures is a producer of closures for spirits, wine, edible oil, water, and a range of other beverages.

Astir Vitogiannis is a Greek crown cork manufacturer with operations in Greece and South Africa and worldwide exports.

The Bernitsas team included Partners Lambros Belessis, Evi Kitsou, Marina Androulakakis, and Fotodotis Malamas, Counsel Maria Kloni, Senior Associates Lina Mastrogiannopoulou, Iris Sotiriou and Ioanna Stamou, and Associates Chryssa Andresaki, Maria Cheimona, Antonis Fix, Sildia Fotopoulou, Yolanda Kalogirou, Marialena Mavrikaki, Anna Meletiou, Niki Nisotaki, Martha Ntounou, and Ioniki Poulaki.

Bernitsas did not respond to our inquiry on the matter.

Koutalidis has advised Aegean Motorway on refinancing its debt of over EUR 400 million.

Aegean Motorway is the concessionaire of the Maliakos Kleidi section of PATHE Motorway extending over 230 kilometers.

The Koutalidis team included Partner Ioannis Kaptanis and Associates Nike Konidaris, Marina Angoura, and Gerasimos Siokos.

Koutalidis did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Bernitsas announced it advised four Greek systemic banks in their capacities as subscribers, bondholders, hedging banks, and account banks on the refinancing of the Maliakos-Kleidi Highway project, with the National Bank of Greece acting as the intercreditor agent, senior bondholder agent, security agent, account bank, senior facilities agent, subordinated bondholder agent, and subordinated facility agent. The Bernitsas team included Partners Athanasia Tsene and Yannis Seiradakis, Senior Associate Stella Papakosta, and Associates Maria Cheimona and Manto Karamanou.

Your Legal Partners has advised Premia Properties on its acquisition of Sunwing Hotels Hellas Single Member from Nordic Leisure Travel Group.

The Nordic Leisure Travel Group is a travel operator in the Nordics.

According to Your Legal Partners, the transaction encompasses two hotel resorts — Sunwing Kallithea Beach in Rhodes and Sunwing Makrigialos & Ocean Beach Club in Crete with “the acquisition, valued at EUR 112.5 million, marking a pivotal expansion for Premia Properties into the Greek hospitality sector.”

The Your Legal Partners team included Partners Katerina Christodoulou and Maria Golfinopoulou, Senior Associate Evgenios Fiflis, and Associates Sofrini Sideri and Angelos Sarrigiannis.

Your Legal Partners could not provide additional information on the deal.