After a similar investment in the Port of Igoumenitsa, the Italian company Grimaldi Group with a fleet portfolio of over 140 vessels continues its vertical integration strategy in Greece.
Yesterday 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, the consortium formed by the Grimaldi Group companies Grimaldi Euromed SpA and Minoan Lines.
For a total price of €80m, the Italian group acquired 67% of the capital of the company that manages the largest and busiest seaport in Crete.
At the same time, HRADF retains 33% of the share capital, signalling more development for the national and local economy.
This new, strategic investment follows Grimaldi Group’s recent acquisition of a majority stake in Igoumenitsa Port Authority, the company that manages the namesake Greek port.
Christos Stylianides, the minister of shipping and insular policy, 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, signalling more development for the national and local economy.”
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.”
Emanuele Grimaldi, Grimaldi Euromed S.p.A. president and managing director, pointed out: “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,” he added.
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.
