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Sep 2017

Bernitsas Law advises on privatisation of National Train Operating Company

Bernitsas Law advised the Hellenic Republic Asset Development Fund (HRADF) on the privatisation of the National Train Operating Company (TRAINOSE), the provider of traction services for the rail transportation of passengers and freight in Greece, through the sale of 100% of the company’s share capital to Ferrovie Dello Stato Italiane. The Share Purchase Agreement was signed on 18 January 2017.

TRAINOSE currently is the sole railway transport services provider in Greece and its privatisation is part of the unbundling of the railway sector in the context of the Second Railway Legislative Package enacted by the EU. HRADF is the fund responsible for implementing the privatisation programme.

The Bernitsas Law team was led by Yannis Seiradakis. Augustine Almyroudi led the team advising on the regulatory framework applicable to the rail sector and the unbundling of the railway sector in the context of the Second Railway Legislative Package enacted by the EU, together with procurement and competition law issues.

We are also acting on behalf of HRADF in the privatization of the Rolling Stock Maintenance Company (ROSCO), the company in charge for the maintenance of the rolling stock, a tender process which is still ongoing.

Please click here to read HRADF’s press release.