The Grimaldi Group acquires a majority stake in the Heraklion Port Authority
After a similar
investment in the Port of Igoumenitsa, the Italian company continues its
vertical integration strategy in Greece.
Naples, 18 December 2023: This morning, the signing of the share purchase
agreement officially marked the sale and transfer of a majority stake in the
capital of the Heraklion Port Authority (HPA S.A.) to Holding of
Heraklion Port S.A., the consortium formed by the Grimaldi Group companies
Grimaldi Euromed SpA and Minoan Lines S.A.
For a
total price of 80 million euros, the Italian group acquired 67% of the capital
of the company that manages the largest and busiest seaport in Crete; this had
been put out to tender by the Hellenic Republic Asset
Development Fund (HRADF, a member company of GROWTHFUND – The National Fund of Greece), which organizes the
management and privatization of public assets in Greece. This new, strategic
investment follows Grimaldi Group’s recent acquisition of a majority stake in
Igoumenitsa Port Authority S.A., the company that manages the namesake Greek
port.
This morning’s signing ceremony was held in Athens and attended, among
others, by Greek Minister of Finance Kostis Hatzidakis, Minister of
Shipping and Insular Policy Christos Stylianides, Minister of Rural
Development and Food Lefteris Avgenakis, HRADF CEO Dimitris Politis,
GROWTHFUND – The National Fund of Greece CEO Grigoris D. Dimitriadis, HPA
S.A. CEO Minas Papadakis and President of the Board of Directors Ioannis
Vardavas, Grimaldi Euromed S.p.A. President and Managing Director Emanuele
Grimaldi, Grimaldi Group Corporate Short Sea
Commercial Director Guido Grimaldi, Minoan Lines CEO Loukas
Sigalas, Holding of Heraklion
Port S.A. President
of the Board and Managing Director
Paul Kyprianou.
During the ceremony, the Minister of Finance, Kostis Hatzidakis,
stated: "Having been born and raised in Crete myself, I am happy about
today's development. I believe that the port of Heraklion, one of the largest
ports in the country, is moving to another level. Managed by a large
international group, it has the opportunity to increase its activities and
strengthen the role of Greece, but also of Crete in particular as a transit
center. It is also important that this agreement with the Grimaldi Group, which
is familiar with the port of Heraklion, is combined with a series of agreements
with the local community and especially with the Municipality of Heraklion. But
it is also combined with the rationalization of the management of the ports of
Crete. Congratulations to HRADF and the management of the port of Heraklion for
the work they have done so far, and which led to this agreement.
Congratulations also to the Grimaldi Group, from which we expect a lot for the
management of both the port of Heraklion and the port of Igoumenitsa".
The Minister of Shipping and Insular Policy, Christos Stylianides,
said: "Today is a very important day for Heraklion. By signing the
agreement for the purchase of a 67% majority stake in the share capital of Heraklion
Port Authority by the Grimaldi Group, the Authority acquires a strong ally,
with rich experience in managing port infrastructure. At the same time, HRADF
retains 33% of the share capital, signaling more development for the national
and local economy. A new development era of investment and upgrading starts
today for the port of Heraklion. Α new course
which enhances our national position in shipping, with multiple benefits for
the economy and the port. This partnership underlines our commitment to
strategically manage our ports, to enhance growth and competitiveness and,
above all, for the benefit of the Greek citizens".
HRADF's CEO, Dimitris Politis, also stressed that “today is a
milestone for Heraklion Port Authority. The port of Heraklion – he added –
one of the most important in the country, begins an exciting journey into a new
era of development. With the acquisition of 67% of the shares by the Grimaldi
Group, the Authority now has a strong new shareholder, with rich experience in
port infrastructure management. HRADF retains 33% of the share capital and we
are ready as shareholders and as Port Planning Authority to cooperate with
Grimaldi Group for the optimal development of the port of Heraklion for the
benefit of Crete and the national economy as a whole. In the tender we
considered the importance of the Venetian Harbor for the city of Heraklion,
which is a cultural and historical reference point. For this reason, we
ensured, in cooperation with the Ministry of Maritime Affairs and Insular
Policy, it remains under state management with the establishment of a new body
for its protection and promotion".
Finally, Emanuele Grimaldi pointed out: “The Grimaldi Group
has an ambitious investment programme which aims at making the most of
Heraklion’s strategic position in the Eastern Mediterranean for the development
of new trade flows for passengers and freight, ranging from cruising to the
transport of new vehicles. We are fully aware of the potential of this port, as
we have long been its main customer through our sister company Minoan Lines,
which has its headquarters in Heraklion. We intend to facilitate the
sustainable growth of the Port, both from an economic and an environmental
point of view. Particularly, through investments in renewable sources of
energy, we plan to make Heraklion a true green port and a landmark for the
entire Mediterranean port industry. All this will result in higher quality
services for the Port, more trade flows, more tourism, more businesses and
jobs, more wealth for the city of Heraklion, the island of Crete and Greece as
a whole.”
The signing of the share purchase agreement took place after the approval of the Greek Court of Auditors, while the revised concession agreement between the Greek State and HPA S.A. will soon be ratified by the Hellenic Parliament.
In the photo attached (from left to right): The CEO of GROWTHFUND – The National Fund of Greece, Gregory D. Dimitriadis, the Deputy Minister of Development, Maximos Senetakis, the Minister of Rural Development and Food, Lefteris Avgenakis, the Minister of Maritime Affairs and Insular Policy, Christos Stylianides, the Minister of Finance, Kostis Hatzidakis, the CEO of the Hellenic Republic Asset Development Fund, Dimitris Politis, the President and CEO of Grimaldi Euromed S.p.A., Emanuele Grimaldi, the Corporate Short Sea Commercial Director of Grimaldi Group, Guido Grimaldi, President of the Board and Managing Director of Holding of Heraklion Port S.A., Paul Kyprianou and the CEO of Minoan Lines, Loukas Sigalas.