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First German Suitors Close On Thessaloniki

   1 minute read

First German Suitors Close On Thessaloniki

OLTH, operator of the Greek port of Thessaloniki, will reportedly be sold to a German-led consortium in a deal worth almost €1bn.

Editor’s Remarks: Under the terms its current bailout programme with the EU and the IMF, Greece agreed to privatise the operator, which manages Thessaloniki’s second-largest port. Now, German private equity firm Deutsche Invest Equity Partners, along with France’s Terminal Link and Greece’s own Belterra Investments have offered €232m for a two-thirds stake in the port, a 70% premium over its market value, and will invest €180m in improvements over the next seven years as well as a further €500m of investments and dividend payments projected over the concession period. It will come as a politically charged sale given months of opposition from within Syriza government, as well as, perhaps, the symbolism of selling off national assets to Germans.

What to watch: Thessaloniki Port Authority (OLTH), Deutsche Invest Equity Partners, Terminal Link, Belterra Investments

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