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Greece signs sale of Thessaloniki Port Authority in 1.1bn euros deal

Staff Writer | December 23, 2017
Greece’s privatization agency said it signed the share purchase agreement for the sale of a 67% stake in Thessaloniki Port Authority or OLTH.
Thessaloniki Port
Europe   Expected dividends
Greece has agreed to sell OLTH to the consortium comprising of Deutsche Invest Equity Partners, Belterra Investments and Terminal Link after its improved offer of 231.9 million euros.

The agreement was signed after the approval from the Court of Auditors, while the approval from the Hellenic Competition Commission is still pending.

The agreement will be ratified by the parliament and the transaction is expected to be completed by the end of the first quarter of 2018, the privatization agency said.

The privatization fund said the total value of the agreement amounts to 1.1 billion euros, as it includes 180 million euros in mandatory investments which have to be implemented within the next seven years, Also revenues from the concession agreement are estimated at 170 million euros.

Expected dividends receivable by the privatization agency for the remaining 7.22% of shares and the estimated investments until the end of the concession period in 2051 are also included.