Our firm is currently involved in various on-going privatizations launched by the Hellenic Republic Assets Development Fund S.A. since its establishment on 2011, while it also enjoys a very strong track record in successfully completed privatizations in Greece, such as the €4.5bn acquisition of 40% in OTE by Deutsche Telekom, the €3.2bn acquisition of Emporiki Bank by Credit Agricole.
KLF has extensive experience in acting for the seller, bidder, target as well as financial investor in complex and important privatization projects and is able to develop innovative and out of the box solutions to seemingly unsolvable problems.
We provide advice on all aspects and throughout all stages of privatization projects, including:
● structuring of the transaction starting from the initial conception stage until its completion
● assistance throughout the tender process
● preparation, review and negotiation of tender documents, such as process letters or bids, as well as transaction documents
● legal and regulatory compliance issues relating to the target and the transaction
● liaising and working closely with regulatory and other public authorities in order to gain the necessary insight on the requirements of the transaction
● due diligence review on the target with the aim to identify and address key issues early on and to avoid unnecessary implications.
- Advised AviAlliance (main private shareholder in Athens International Airport S.A. (AIA), in relation to the extension until June 11th 2046 of the term of the Airport Development Agreement (ADA) relating to the management and operation of AIA against a consideration of €1.115bn plus VAT. Our Firm is also currently advising AviAlliance on the currently ongoing further privatization of the Athens International Airport.
- Advised the Hellenic Republic Asset Development Fund (HRADF) on the prrivatisation of DESFA S.A. which was completed in December 2018 by means of the sale of 66% in DESFA by the Sellers against €535m to a consortium formed by Snam S.p.A., Enagas International S.L.U and Fluxys SA.. This transaction was the largest privatization concluded by the HRADF in the year 2018 and provided for a significantly higher transaction value compared to the first privatization attempt of the same company (DESFA) in 2013, where the same participation (66%) was sold for €400m.
- Advised Hellenic Petroleum S.A. (HELPE) on the attempted privatisation of HELPE by means of an international tender process launched by the HRADF in 2018. The process envisaged the sale of a majority stake in HELPE by HRADF and Paneuropean Oil and Industrial Holdings S.A. (Paneuropean) and was concluded unsuccessfully due to non-submission of binding offers by the participating investors.
- Advised Deutsche Telekom AG in acquiring a furst 5% stake in OTE SA from the HRADF in 2018. Such divestment took place in May 2018 following a relevant tender process launched by the HRADF (which did not result in any other investor submitting an offer for such stake). Our firm provided advice to Deutsche Telekom on all aspects of the transaction, ranging from compliance to public procurement requirements (in relation to the HRADF’s tender process) to the M&A element of the transaction (including the negotiation and preparation of the necessary transaction documents) to the capital markets requirements necessary for the transfer of shares listed in the Athens exchange.
- Acted as legal advisor to Marmara Turizm Tesisleri A.Ş. and Aktor Concessions S.A. in relation to the tender process launched by the HRADF for the award of the concession of the right to use, operate, manage and exploit the Alimos Marina. Following the departure of Marmara Turizm Tesisleri A.Ş., Aktor Concessions S.A. continued to participate in the tender and was selected as the preferred bidder. Our firm is currently advising Aktor Concessions S.A. in the implementation process towards signing of the relevant concession agreement.
- Acted as legal advisor to Anas Internaitonal Enterprises S.p.A. in relation to the tender process launched by the HRADF in 2017 for the award of the Egnatia Odos Motorway Service Concession Agreement .
- Advised the consortium formed by Fraport AG and Copelouzos Group throughout the privatization tender process for the award of the operation and maintenance of both clusters (14 in total) of the regional airports of the Hellenic Republic as well as following the award thereof during the implementation stage all the way to completion of the Concession Agreements and is furthermore currently advising the above consortium following Concession Commencement. This transaction, with an estimated value of €10bn, constitutes the largest, in terms of value, privatization of the current Greek privatizations programme.
- Our firm recently advised Deutsche Telekom (“DT”) on negotiating the amendment of its Shareholders’ Agreement (“SHA”) with the Hellenic Republic (“HR”) on OTE SA for the purposes of the HR transferring to the Hellenic Republic Asset Development Fund and privatizing a further 5% of its stake in OTE SA. DT has a right of first refusal over this 5%. The SHA was entered into in 2008 in order to regulate the privatization of OTE SA and the relationships as shareholders between DT and the HR over their aggregate (DT 40% and HR 10%) 50% in OTE SA. DT has invested Euro4.3billion for acquiring its 40% in OTE SA.
- We advised the HRADF with respect to the aborted privatization of Public Gas Corporation S.A. (DEPA) as well as the initially successfully awarded, but not completed privatization of DEPA’s wholly owned subsidiary Hellenic Gas Transmission System Operator S.A. (DESFA) to SOCAR, as part of the Privatization Programme included in the Hellenic Republic’s Medium Term Fiscal Strategy 2012-2015.
- Advising an international consortium interested for the tender of the new Kasteli (Heraklion) International Airport.with respect to its participation in all stages of the on-going international tender process for the construction and operation of a new major international airport on the island of Crete (in the area of Kasteli).
- In the context of the international public tender process for the privatisation of the Hellenic Independent Power Transmission Operator S.A. (ADMIE) launched by the Hellenic Republic Asset Development Fund, Koutalidis advised a potential investor and participant in both phases of the tender process.
- Advising the Hellenic Republic with regard to the EC state aid investigation into the Hellenic Defence Systems SA including the interpretation of Article 346 TFEU; simultaneously advising the HR with regard to the restructuring of the HDS in view to become viable and maintain its export activities without violating EU state aid rules; application of company transformation and bankruptcy law provisions; assessment of labor and social security matters.
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