The Philippines-headquartered ICTSI is being advised by legal specialist Holman Fenwick Willan (HFW) on its bid for a 67% stake in the Thessaloniki Port Authority S.A. (ThPA), Greece.
The port operator is one of three bidders which have submitted a final bid, including DP World and a consortium comprising Deutsche Invest Equity Partners GmbH, Belterra Investments LTD and Terminal Link SAS.
The tender, which was originally launched in April 2014 as part of the Hellenic Republic Asset Development Fund’s €50bn asset privatisation programme, initially involved the sale of a 51% stake.
Following the country’s third international bailout in July last year, the privatisation of a 67% stake in a single transaction was agreed.
The eight investment groups which had originally expressed interest included the three parties which submitted a final bid as well APM Terminals, BV, Duferco Participation Holding SA, Mitsui & Co. Ltd, Russian Railways JSC-GEK TERNA SA and Yilport Holding Inc.
The port, which includes a container terminal, a cargo terminal, an oil and gas terminal and a passenger terminal, is currently operated by the ThPA under a 50-year concession which was awarded in 2001.
ThPA, which is listed on the Athens Stock Exchange, has a current market capitalisation of approximately €200m.
In a similar deal, the country’s Piraeus Port was sold to Cosco Shipping last year.
Source: Container Management (LF)
Source: Container Management