Grimaldi and Minoan Lines consortium acquires majority stake in Heraklion Port for €80mln
The Hellenic Republic Asset Development Fund (HRADF), a member company of GROWTHFUND – The National Fund of Greece, announces the acquisition of a majority stake of 67% in the share capital of the company "Heraklion Port Authority S.A." (HPA S.A.) against a fee of 80 million euros, by the consortium consisting of the companies "Grimaldi Euromed S.p.A." and "Minoan Lines S.A."
The signing of the agreement for the acquisition of the majority stake took place at the premises of HPA S.A. in Heraklion, Crete.
HPA S.A. acquires a strong shareholder, and HRADF, which retains 33% of the share capital of the Authority, a strategic partner. Moreover, the shareholders' agreement signed between HRADF and the investor secures the Fund's position as a minority shareholder safeguarding the interests of the Greek State.
50% of the 80 million euros fee will be allocated to the "Special Account for Port Infrastructure Development" at the Bank of Greece, created to finance investments for the development and upgrade of the ports in HRADF's portfolio according to the provisions of Law 5131/2024.
HRADF, in its capacity as Port Planning Authority, will continue to assist the investor in all stages of the approval process of HPA’s Master Plan for the development of the port of Heraklion, which is part of the broader plan of the Government for the upgrading of the infrastructure of Crete, along with the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.
The port of Heraklion is the first in the country to receive external verification by TUV AUSTRIA for its ESG performance, using the “ESG RATING TOOL” developed by HRADF. The certification process was coordinated by HRADF's Sustainability Department, which annually evaluates all ports in its portfolio based on ESG criteria, using its own digital tool "HRADF ESG RATING TOOL".
The Minister of Economy and Finance, Kostis Hatzidakis, stated: “Today is an important day not only for Heraklion and Crete but also for the national economy, for three reasons: Firstly, the Heraklion Port Authority acquires a strong shareholder, the Grimaldi Group, one of the largest shipping groups in Europe, which, following another HRADF tender, has already acquired the majority stake in the share capital of the Igoumenitsa Port Authority. Second, the State secures a significant offer of 80 million euros while retaining 33% of the share capital of the Authority. And thirdly, it is the first implementation of the new provision of Law 5131/2024, according to which 50% of the fee will be allocated for the development of the ports in HRADF's portfolio.
