Deutsche Invest highest bidder for Greece’s Thessaloniki Port

Thessaloniki

[UPDATE] German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece’s Thessalonki Port with 231.9 million euros, the country’s privatisation agency HRADF said on Monday.

HRADF received three bids in March for a 67 percent stake in the port, Greece’s second-biggest. The other two bidders were Philippines-based International Container Terminal Services (ICTS) and Dubai-based P&O Steam Navigation Company (DP World).

The current market value of the stake on sale is 138.5 million euros.

Deutsche Invest Equity Partners has teamed up with France’s Terminal Link SAS.

[reuters]

The previous report:

Greece received higher bids from the three investors seeking to buy a majority stake in its second-largest port, its state privatizations agency said.

The offers came from Philippines-based International Container Terminal Services (ICTS); Dubai-based Peninsular and Oriental Stream Navigation Company (DP World); and a consortium comprising German private-equity firm Deutsche Invest Equity Partners, Terminal Link (a subsidiary of CMA CGM) and Russian-Greek investor Ivan Savvidis’s group.

The initial bids by the three investors for a 67% stake in its port in Thessaloniki were submitted in late March.

The board of directors will unseal the offers at its next meeting, on Monday, the privatization agency said.

Greece is trying to privatize parts of its infrastructure to meet bailout targets. The sale of Thessaloniki Port began in July 2014 but has been delayed several times because of political resistance and waves of strikes by port workers.

The country must raise some 6 billion euros through the sale of state-controlled assets by 2018, according to the terms of its third bailout agreement with creditors, reached in 2015.

Source: Dow Jones

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