Category: Greece

Bernitsas has advised Helleniq Energy Holdings and its subsidiaries, Hellenic Petroleum and EKO on EUR 1.5 billion financing with Alpha Bank, Eurobank, Piraeus Bank, and the National Bank of Greece. 

According to Bernitsas, “Hellenic Petroleum and EKO issued common bond loans, under the guarantee of Helleniq Energy Holdings, to the Greek systemic banks for an aggregate amount of up to EUR 1.5 billion.”

In 2023, Bernitsas advised Helleniq Energy Holdings on a EUR 400 million refinancing (as reported by CEE Legal Matters on December 1, 2023). 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.

Papapolitis & Papapolitis has advised Arish Capital Partners on the acquisition of a property in Patras.

According to the firm, “this property will be transformed into Wanderwall – a state-of-the-art student accommodation facility. Once redeveloped, Wanderwall will feature 56 furnished student apartments and studios, modern amenities such as a gym, communal study areas, a cinema, laundry facilities, and more, making it the most ultra-modern student accommodation building in Patras.”

The Papapolitis & Papapolitis team included Counsel Panayiotis Papageorgiou and Senior Associates Chrysoula Giannopoulou and Konstantina Tsourouni.

Papapolitis & Papapolitis did not respond to our inquiry on the matter.

Papapolitis & Papapolitis has advised Intracom Holdings on the sale of its 27.6% shareholding in KLM SA for EUR 11.1 million to investors who will also participate in the share capital increase of Intracom Properties, a subsidiary of Intracom Holdings.

According to Papapolitis & Papapolitis, “the share capital increase will total EUR 25 million, with EUR 11 million covered by Intracom Holdings. Intracom Properties will remain the major shareholder of KLM SA and will subsequently be absorbed by the latter as already announced. These actions represent the initial steps toward the implementation of the new Evropi Holdings structure, positioning the Intracom group in the insurance business.”

Earlier in 2024, Papapolitis & Papapolitis advised Intracom Holdings on its EUR 46.5 million acquisition of Europa Insurance (as reported by CEE Legal Matters on June 6, 2024). In 2023, Papapolitis & Papapolitis advised on the sale of Intracom Defense to Israel Aerospace Industries (as reported by CEE Legal Matters on August 9, 2023) and on Intracom Holdings subsidiary Intracom Properties’ EUR 18.74 million acquisition of a stake in KLM S.A. from the Lappas family (as reported by CEE Legal Matters on May 24, 2023).

The Papapolitis & Papapolitis team included Partner Evi Tsilou with Senior Associates Crysoula Giannopoulou and Anna Pavlaki.

Papapolitis & Papapolitis did not respond to our inquiry on the matter.

Papapolitis & Papapolitis has advised Hellinikon on the sale of five residential land plots in the Ellinikon Project totaling EUR 106 Million to Brook Lane Capital, Ten Brinke, Hellenic Ergon, and Daedalus Development.

According to Papapolitis & Papapolitis, the land plots in question are “five distinct urban blocks designated for residential development in the Urban Development Area ‘A-U3’ within the Metropolitan Pole Elliniko – Agios Kosmas. These blocks have a total maximum allowed buildable area of approximately 51,000 square meters. The total investment for these developments is projected to reach at least EUR 300 million.”

The Papapolitis & Papapolitis team included Managing Partner Nicholas Papapolitis, Counsel Panayiotis Papageorgiou, and Senior Associate Konstantina Tsourouni.

Papapolitis & Papapolitis did not respond to our inquiry on the matter.

Editorial Note: After this article was published, Lambadarios announced it advised Brook Lane Capital in the tender process initiated by Lamda Development for the sale and residential development of the five plots. The Lambadarios team was led Partner Melina Katsimi and Senior Associate and Head of Real Estate Sophia Alonistioti and included Managing Partner Constantinos Lambadarios and Associate Stamatia Tsopela.

Bernitsas has advised Helleniq Energy Group on a liability management exercise and a new issuance of notes.

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

According to Bernitsas, the liability management exercise consists of an invitation made by Helleniq Energy Finance to holders of its outstanding (approximately) EUR 600 million notes due October 2024 to “tender their existing notes for purchase by HEF for cash, in combination with the issuance and offering to international and domestic institutional investors through a bookbuilding process of EUR 450 million new notes due July 2029 guaranteed by Helleniq Energy Holdings and Hellenic Petroleum RSSOPP, and the listing of the new notes on the Euro MTF market of the Luxembourg Stock Exchange.”

In 2023, Bernitsas advised Helleniq Energy Holdings on a EUR 400 million refinancing (as reported by CEE Legal Matters on December 1, 2023). 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).

Bernitsas did not respond to our inquiry on the matter.

Papapolitis & Papapolitis, working with Reed Smith, has advised ECM Partners and Metric Capital Partners on the sale of Famar to MidEuropa. DLA Piper reportedly advised MidΕuropa.

ECM Partners is an investment firm. Metric Capital Partners is a pan-European private capital manager.

Famar is a pharmaceutical contract development and manufacturing organization.

MidEuropa is a European private equity investor with over EUR 6 billion in funds under management.

According to Papapolitis & Papapolitis, “ECM Partners and Metric Capital maintain a part of their investment in Famar, demonstrating their long-term commitment and confidence in the entity’s future potential.”

The Papapolitis & Papapolitis team included Managing Partner Nicholas Papapolitis, Partner Maria Karabella, Counsel Vicky Koutsopoulou, and Senior Associates Erna Kritikou, Konstantina Tsourouni, and Athanasia Stefanidou.

The Reed Smith team included London-based Partners Panos Katsambas, Milan Thakker, Guilain Hippolyte, Gareth Amdor, Michaela Westrup, David Ashmore, Natasha Tardif, and Maccailein Campbell, Counsel Matthew Bowen, Senior Associate Victoria Bryden, Associates Saiya Guo, Alia Khalil, Marine Deyrolle, Marco Hazan, Melissa Maynard, Helen Penwill, and Nadja Ruenzel.

Zepos & Yannopoulos has appointed Partner Paris Tzoumas as its new Head of Finance.

As Zepos & Yannopoulos reports, Tzoumas has been with the firm for the last seven years, originally as an Associate and Senior Associate and, since February 2022, as a Partner in the Banking, Finance & Capital Markets team. Earlier, he spent over a year with Bernitsas, between 2016 and 2017. Earlier still he worked for Karatzas & Partners between 2013 and 2016.

“We are confident that with Paris’ dedication, resilience, and expertise our offering to the clients will be more enhanced than ever, whilst at the same time his guidance will assist the lawyers in his team to excel, both professionally and legally,” commented Managing Partner of Zepos & Yannopoulos Dimitris Zepos.

Bernitsas has advised Thrivest Holding on its agreement with the Hellenic Financial Stability Fund to create the “fifth banking pillar in Greece.” Argyropoulos, Gissaki & Associates reportedly advised Thrivest Holding as well.

The transaction remains contingent on regulatory approval.

According to Bernitsas, Thrivest Holding is a holding company owned by Greek entrepreneurs. The firm reported that “Thrivest is a significant shareholder of each of Pancreta Bank and Attica Bank and the HFSF is a significant shareholder of Attica Bank. The agreement provides for the merger of Pancreta Bank into Attica Bank, and, subject to completion of the merger, a subsequent investment of up to EUR 675.1 million in the combined bank by Thrivest and the HFSF, of which up to EUR 200 million would be invested by Thrivest and up to EUR 475.1 million by the HFSF, pursuant to a combination of a rights issue and issuance of warrants to be made to raise up to EUR 735 million. At the completion of the capital raising, Thrivest would hold a controlling stake in the combined bank.”

The Bernitsas team included Partners Nikos Papachristopoulos and Maria Nefeli Bernitsa.

Bernitsas did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Koutalidis announced it advised HFSF on the transaction. The firm’s team was led by Managing Partner Nikos Koritsas.

Koutalidis has advised Alpha Bank Group on the reorganization of Alpha Leasing’s business via a common demerger.

The demerger remains contingent on regulatory approval.

According to Koutalidis, the reorganization includes “the creation of a new leasing entity within the Alpha Bank Group and the signing of a binding agreement for the transfer of non-performing financial leases along with the related real estate interests with a GBV of approximately EUR 0.24 billion to Hellas Capital Leasing, a Greek leasing company, wholly owned by funds managed or advised by Bain Capital and the sale of shares from Alpha Leasing’s sole shareholder to HCL’s shareholder.”

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 Katia Protopapa, George Naskaris, Chrysanthi Karlou, and Ioannis Kaptanis.

Bernitsas has advised Unity Holding Company on the acquisition of Entersoft. The firm also advised Unity Holding Company on obtaining the Phase 1 merger clearance for the acquisition from the Hellenic Competition Commission.

Unity Holding Company is a holding company jointly controlled by Olympia Group and Rucio Investment Sarl. Olympia Group is an international investment group. Rucio Investment is an investment management company that invests in both private and public securities, predominantly focused on Europe.

Entersoft is a business software and services provider in Southeast Europe and the Middle East.

The Bernitsas team included Partners Nikos Papachristopoulos, Maria Nefeli Bernitsa, Tania Patsalia, and Marina Androulakakis, Senior Associate Maria Sofia Sfika, and Associates Marinos Shiapanis, Marina Myzithra, and Ioniki Poulaki.

Bernitsas declined to offer additional information on the matter.