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

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

a firm at the top of the Greek market

The Legal 500 EMEA 2016

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 ground-breaking 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

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.

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.

National Train Operating Company (TRAINOSE)

We advised the Hellenic Republic Asset Development Fund (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 was 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), the independent company providing maintenance of the rolling stock, through an international tender for the sale of 100% of the company’s share capital, the tender process for which was recently completed.

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 proposed sale of its stake in the Public Gas Corporation (DEPA) Group, along with the stake held by the Hellenic Republic Asset Development Fund (HRADF).

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.

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.

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 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 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