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

can make a difference in competitive processes … great professionalism, business acumen, immediate responses, dedication, expanded and in-depth knowledge … very good team with an excellent structure and understanding of the market

The Legal 500 EMEA 2021

probably the most experienced team in Greek legal market, business oriented, efficient, deep legal knowledge

The Legal 500 EMEA 2020

often first on the list for landmark projects and privatisations

The Legal 500 EMEA 2019

professionalism, responsive and in depth knowledge of the issues

The IFLR 1000 2018

excellent ... deep market awareness and focused, constructive advice

The Legal 500 EMEA 2018

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

The Legal 500 EMEA 2017

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

Over the years, we have acted in numerous groundbreaking privatisations of high profile companies operating in important industries, such as the Hellenic Telecommunications Organisation (OTE), Hellenic Petroleum (HELPE), the National Train Operating Company (TRAINOSE), Olympic Airlines, the Hellenic Football Prognostics Organisation (OPAP), the National Bank of Greece and the Water Companies of Athens and Thessaloniki. Senior attorneys have also been asked to advise on the restructuring of State owned companies and their listing on the Athens Exchange.

Who to contact

Contact Nikos
Contact Dimitris
Contact Yannis

Recognitions

DEPA Infrastructure

We are advising an international consortium in their participation in the tender conducted by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation of DEPA Infrastructure and its subsidiaries which own and operate the Greek natural gas distribution network.

DEPA Commercial

We are advising a consortium consisting of two major energy companies in their participation in the tender conducted by Hellenic Republic Asset Development Fund (HRADF) for the sale of a majority stake in DEPA Commercial and its subsidiary EPA Attikis, the leading Greek natural gas retailer.

Kavala Underground Gas Storage Concession

We acted for a major infrastructure fund in its proposed participation in the tender conducted by the Hellenic Republic Asset Development Fund (HRADF) for the award of a concession contract for the Underground Gas Storage of South Kavala.

Independent Power Transmission System Operator Privatisation

We are advising a European power transmission system operator in relation to their potential acquisition of stakes in the Independent Power Transmission System Operator (IPTO) in the context of its contemplated privatisation.

Tender for Sale of Stake in Athens International Airport (AIA)

We are advising a bidder in relation to its participation in the tender conducted by the Hellenic Republic Asset Development Fund (HRADF) for the sale of a 30% stake in AIA.

Participation in Alimos Marina Tender

We advised a bidder in its participation in the tender process conducted by the Hellenic Republic Asset Development Fund (HRADF) for the award of a concession contract in relation to the privatisation of Alimos Marina.

Tender for Acquisition of 66% in DESFA

We advised a consortium of S.N.T.G.N. Transgaz SA, The European Bank for Reconstruction and Development, Reganosa Asset Investments, SL and Regasificadora del Noroeste SA in the tender for the acquisition of a 66% stake in Hellenic Gas Transmission System Operator (DESFA) involving the sale of 31% in DESFA held by HRADF and the 35% held by Hellenic Petroleum, with the remaining 34% being transferred to the Hellenic Republic.

Rolling Stock Maintenance Company (ROSCO)

We advised the Hellenic Republic Asset Development Fund (HRADF) in the €22m privatisation of the Rolling Stock Maintenance Company (ROSCO), the independent company providing maintenance of the rolling stock, through the sale of shares representing 100% of the company’s share capital.

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 Castelo Bibelli in Corfu, to private investors through international public tenders.

National Train Operating Company (TRAINOSE)

We advised the Hellenic Republic Asset Development Fund (HRADF) in the €45m 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 was part of the unbundling of the railway sector in the context of the Second Railway Legislative Package enacted by the EU.

 

 

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 Tender

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 contemplated tender procedure, subsequently aborted, conducted by the Public Power Corporation (PPC) for the acquisition of 66% of the Independent Power Transmission System Operator (IPTO).

Petitions for Annulment of Privatisations

We advised 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 Hellenic Republic Asset Development Fund (HRADF).

Public Gas Corporation

We advised Hellenic Petroleum in the proposed sale of its stake in the Public Gas Corporation (DEPA) Group and Natural Gas Transmission System Operator (DESFA), along with the stake held by the Hellenic Republic Asset Development Fund (HRADF) as part of the privatisation of DEPA Group.

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.

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 international 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 conducted by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation and development of the former Hellinikon Airport area in Athens.

  • 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