In Aviation, Privatisation
EUR 1.6 billion in debt and equity to finance the acquisition of the concession of Greece’s regional airports
EUR 1.6 billion in debt
and equity to finance the acquisition of the concession of Greece’s regional airports
Your Legal Partners and Norton Rose Fulbright advised the Hellenic Republic Asset Development Fund (HRADF) on the successful takeover of 14 Greek regional airports by Fraport Greece.
The consortium, comprising Germany’s Fraport (65 percent) and Slentel (35 percent), a unit of Greece’s Copelouzos Group, raised around EUR 1.6 billion in debt and equity to finance the acquisition of the concession with funding coming from the EBRD, the International Finance Corporation, the Black Sea Trade and Development Bank (BSTDB) and Alpha Bank.
HRADF, the state privatisation fund, had made the Fraport AG-Slentel consortium a preferred bidder in November 2014, after an offer consisting of an upfront payment of EUR 1.23 billion and an annual payment of EUR 22.9 million for the life of the concession, annually adjusted according to CPI.
The transaction won the category award for airports for 2017 in the IJGlobal Awards, hosted by the leading publication for the energy and infrastructure market.
Caption: Katerina Christodoulou, partner with Your Legal Partners, holding the trophy together with the Norton Rose Fulbright legal team.