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Privatization Fund launches tender for 30% stake in Athens Airport

Greece’s privatization fund, the Hellenic Republic Asset Development Fund, has invited interested parties to submit expressions of interest to participate in an international tender process for the acquisition of a 30% stake in Athens International Airport SA (AIA).

According to a HRADF statement published on June 28, the tender process will be conducted in two phases, a pre-qualification phase (Phase A) and a binding offers one (Phase B). Interested parties are invited to submit an expression of interest according to the terms of the Invitation on 30thof September 2019.

The Airport Development Agreement provides for restrictions in relation to the transfer of shareholdings in AIA exceeding a certain leveland details on the tender process are provided in the Invitation published on HRADF’s website.

Deutsche Bank AG (London branch) and Eurobank ErgasiasSA are acting jointly as Financial Advisers, Your Legal Partners and Dracopoulos & Vassalakis Law Partnership are acting jointly as Legal Advisers, and Arup Partnership is acting as Technical Adviser to HRADF

Background

Athens International Airport S.A. (AIA) was established in 1996 with the purpose of building, maintaining and operating the Athens International Airport “Eleftherios Venizelos” for a period of 30 year in accordance with the respective concession agreement. The said concession, which constitutes one of the largest and most important partnerships between the Greek State and the private sector, expires in 2026. Currently, the shareholders of AIA are the Greek State (25%), HRADF (30%), AviAlliance GmbH (26.7% plus 8 shares), AviAlliance Capital GmbH (13,3%) and D. Copelouzos’ family (5% minus 8 shares).

In addition, the Greek State has transferred to HRADF the right to extend the existing concession by 20 additional years (until 2046); The process of extension of the current concession agreement by 20 years is underway ans is expected to be completed by the end of 2018

Eurobank and Lamda Infrastructure Finance S.A. are acting as financial advisers to HRADF for the extension and law firms Potamitis Vekris and Clifford Chance are acting as its legal counsels.

Right after the completion of the expansion of the current concession agreement by 20 years, the process of the monetization of HRADF’s stake in the share capital of AIA will begin.

Deutsche Bank and Eurobank are acting as financial advisers to HRADF for its divestment of 30% stake in AIA’s share capital.

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