Share purchase agreement signed for acquisition of 67% stake in Heraklion Port Authority

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The Hellenic Republic Asset Development Fund (HRADF) has signed the EUR 80 million (USD 87.6 million) share purchase agreement for the acquisition of a 67% stake in the share capital of Heraklion Port Authority (HPA S.A.) by the consortium consisting of the companies Grimaldi Euromed S.p.A. and Minoan Lines S.A.

The agreement signing signifies the initiation of a new phase in the development trajectory of the Heraklion port. HPA S.A. secures a robust shareholder, with HRADF retaining a 33% stake in the Authority, thereby establishing a strategic partnership. The shareholders' agreement between HRADF and the investor is designed to affirm the Fund's role as a minority shareholder and as a guardian of the State's interests. In its capacity as the Port Planning Authority, HRADF will continue to support the investor throughout the approval process of its master plan. The Heraklion port's development by HRADF aligns with the broader governmental plan for enhancing Crete's infrastructure, which includes initiatives such as the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.

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