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Our participation in landmark deals marking the privatisation of major State-owned operators is unparalleled.

the exceptional practice at Bernitsas Law is one of the best in Greece

The Legal 500 EMEA 2017

a firm at the top of the Greek market

The Legal 500 EMEA 2016

in-depth industry knowledge

The Legal 500 EMEA 2016

Many of these transactions led to the formation of legislation governing this sector and have involved sales also to international investors and listings on the Athens Exchange. We continue our tradition by acting for the State, domestic and international investors in the ongoing privatisation programme.

We have acted in all the landmark privatisations to have taken place in Greece. We represented the Hellenic Republic in the sale of shares in the Hellenic Telecommunications Organisation (OTE) to Deutsche Telekom and the privatisation process of Olympic Airlines which lasted 10 years, including the €177.2m sale of its flight operations, technical maintenance and ground handling to Marfin Investment Group and. We also acted in the privatisation of the Hellenic Football Prognostics Organisation (OPAP) through secondary offerings to retail and institutional domestic and international investors, the sale of a minority stake in the National Bank of Greece to institutional investors through an accelerated book-building process and the listing of shares in the Water Companies of both Athens and Thessaloniki on the Athens Exchange. These transactions are of paramount importance to the Greek market.

Over the years, senior attorneys have been asked by the Government to advise on the restructuring of State-owned companies and listing of State owned companies on the Athens Exchange.

Who to contact

Contact Dimitris
Contact Yannis

Recognitions

 

Astir Palace Vouliagmeni Resort Acquisition

We advised Jermyn Street Real Estate Fund IV LP, a fund managed by AGC Equity Partners, acting through its subsidiary Apollo Investment ΗoldCo, in its capacity as the leading member of the consortium being the successful bidder in the international tender of the Hellenic Republic Asset Development Fund (HRADF) and the National Bank of Greece for the privatisation and re-development of the Astir Palace Vouliagmeni resort, located on the Attica Riviera.

Power Transmission System

We advised a consortium comprised of Elia (Belgium’s electricity transmission operator) and IFM Investors (a global investment services company active in the infrastructure, debt investments, listed equities and private equity sectors) in their participation in the tender procedure conducted by the Public Power Corporation (PPC) for the acquisition of 66% of the Independent Power Transmission Operator (IPTO/ADMIE).

Public Gas Corporation

We advised Hellenic Petroleum in the sale of its stake in the Public Gas Corporation (DEPA) Group, along with the stake held by the Hellenic Republic Asset Development Fund (HRADF). The matter value is €400m for DESFA and still unknown for DEPA. The transaction is extremely complicated as the target companies are heavily regulated and the certification of DESFA by the EU is required.

National Train Operating Company (TRAINOSE)

We have been advising the HRADF in the privatisation of the National Train Operating Company (TRAINOSE) through the sale of 100% of the company’s share capital to Ferrovie Dello Stato Italiane. 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.

Rolling Stock Maintenance Company (ROSCO)

We are advising HRADF in the privatisation of the Rolling Stock Maintenance Company (ROSCO) through an international tender for the sale of 100% of the company’s share capital. ROSCO operates as an independent company providing maintenance of the rolling stock.

Regional Airports

We advised Advent International in their participation in the tender procedure conducted by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation of two clusters of regional airports through the award of 40 year concession contracts.

Athens International Airport (AIA)

We advised the Hellenic Republic Asset Development Fund (HRADF) in connection with the proposed extension of the AIA concession agreement and the potential sale of a 30% stake in AIA to investors.

Friedman Pacific Expression of Interest

We advised Friedman Pacific Assets Management in its expression of investment interest for the AIA.

Hellenic Football Prognostics Organisation (OPAP)

We advised the Kopelouzos Group, in its capacity as a member of the consortium of the successful bidder, in the international tender procedure conducted by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation of the Hellenic Football Prognostics Organisation (OPAP).

State Lotteries

We advised Scientific Games in its capacity as a member of the winning consortium in the award of the State lotteries licence.

Tourist Ports

We acted for a joint venture led by Archirodon in their participation in the tender procedure conducted by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation of a cluster of tourist ports including Alimos Marina and the ports of Poros, Hydra and N. Epidavros, through the award of 40 year concessions contracts.

Hellenikon Airport Area Development

We advised Elbit Cochin in their participation in the international tender issued by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation and development of the former Hellinikon Airport area in Athens.

Dolphin Capital Bid for Astir Palace

We advised Dolphin Capital in their participation in the international tender of the National Bank of Greece and the Hellenic Republic Asset Development Fund (HRADF) for the privatisation and development of the Astir Palace Vouliagmeni area in Attica.

State Real Estate Assets

We are advising the Hellenic Republic Asset Development Fund (HRADF) in connection with the sale of several State private real estate assets, including the Kassiopi area in Corfu and the Paliouri area in Chalkidiki, to private investors through international public tenders.

Petitions for Annulment of Privatisations

We are advising the Hellenic Republic Asset Development Fund (HRADF) in proceedings before the Council of State and the Court of Audit on numerous petitions for annulment and reversal in the context of the privatisations launched by the HRADF.

  • restructuring of State-owned companies ahead of their privatisation
  • establishment of privatisation tenders
  • participation in bidding process and negotiations
  • financing aspects of privatisations
  • implications and effect of national and European legislation on all types of privatisations
  • the competition law aspects of mergers and acquisitions, privatisations and joint ventures
  • compliance with regulatory and legislative framework
  • the tax treatment of mergers, acquisitions, restructurings, joint ventures and privatisations
  • offering and listing of State-owned companies on the Athens Exchange