EY in Greece advised Grimaldi Euromed S.p.A. and Minoan Lines S.A. on the acquisition of a 67% stake in the Heraklion Port Authority S.A., on Crete Island, Greece

EY provided integrated Infrastructure Advisory Services (Lead Advisory), as well as Transaction Support (Financial and Tax Due Diligence), to support Grimaldi Euromed S.p.A. and Minoan Lines S.A. throughout the acquisition process; from prequalification to the commercial and financial closure. The scope of services included process management advisory, financial advisory on the completion of the deal, competitive landscape review, tender strategy advisory, as well as review and commentary on project documentation, such as the amended concession agreement (ACA), the sale and purchase agreement (SPA), and the shareholder agreement (SHA).

On June 12, 2023, the Grimaldi Euromed – Minoan Lines consortium was declared the Preferred Bidder. After meeting the necessary conditions and receiving clearance from the Court of Auditors, the SPA was signed on December 18, 2023. Following specific changes to the underlying concession due to the acquisition, the amended concession agreement (ACA) was signed on January 30, 2024. This was subsequently ratified by Law 5126/2004, which was published on July 26, 2024.

The closing ceremony took place in Heraklion, Crete, on September 18, 2024, in the presence of government officials and institutional representatives, amongst which, the Minister of Economy and Finance, Mr. Kostis Hatzidakis, the Minister of Maritime Affairs and Insular Policy, Mr. Christos Stylianides, the Managing Director of the Grimaldi Group, Mr. Emanuele Grimaldi, as well as representatives from all involved parties. Grimaldi Group is a global leader in maritime rolling freight transport, managing an extensive network of ports and port terminals, including the Igoumenitsa Port Authority (through a 67% stake), in Greece.

Commenting on the closure of the deal, Mr. Tassos Iossiphides, Partner, EY Head of Strategy & Transactions in Greece and in the South Cluster for Central, Eastern, and Southeastern Europe and Central Asia (CESA) region, noted: “We are delighted to have advised Grimaldi Euromed and Minoan Lines on the successful acquisition of a majority stake in the Heraklion Port Authority, one of Greece’s most prominent port authorities and the busiest port of Crete; the country’s largest island. The Grimaldi Group recognized the port's potential in enabling trade flows for quality transportation services for passengers and freight, including cruising and vehicle (RO-RO) transport, while also embracing green port initiatives. This transaction structure also ensured that specific areas, such as the Venetian Harbor - a cultural landmark of Heraklion - were allocated to the Municipality of Heraklion, following the redefinition of the port's land zone. This initiative balances modernization with heritage preservation, ensuring a future that respects the past. Notably, the investment marks the Grimaldi Group's second financial closure within a year, following the acquisition of the Port Authority of Igoumenitsa, where EY provided similar advisory services.

I would like to express our gratitude to Grimaldi Euromed and Minoan Lines for placing their trust in us and allowing us the opportunity to provide our services. I would also like to thank the EY specialized interdisciplinary teams in Greece, including Mr. Panagiotis Tsiolis (Financial Due Diligence – Strategy & Transactions, Partner), Mrs. Stella Saritzoglou (Tax Due Diligence – Tax Services, Partner), Mrs. Roxana Todiroae (Infrastructure Advisory, Lead Advisory – Strategy & Transactions, Director), and all our colleagues at EY in Greece, who contributed to the successful completion of this transaction and to the development of the infrastructure in Crete and across Greece.”

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