Koutalidis Law Firm Spearheads Landmark Acquisition and IPO: A New Era for Athens International Airport and Greek Capital Markets

We are thrilled to announce that Koutalidis Law Firm acted as Greek legal counsel to AviAlliance GmbH, member of the PSP Investments, in the significant acquisition of a controlling stake of just over 50% in Athens International Airport S.A. (AIA), the main gateway for tourism in Greece.

The acquisition took place in the context of a combined offering by the Hellenic Republic Asset Development Fund (HRADF) of 30% of the AIA’s shares and AIA’s listing on the Main Market of the Regulated Securities Market of the Athens Exchange. AviAlliance GmbH, which already held just over 40% in AIA prior to the transaction, entered into a cornerstone agreement with HRADF for the acquisition of an additional 10% stake in AIA.

The offering of 30% of AIA’s shares by HRADF was oversubscribed approximately 12 times, with strong demand exceeding €8bn from local and international investors and over 20,000 individual applications received for the Greek Public Offering.

Led by partners Nikos Koritsas and Yiannis Loizos, our team, including partner Yiannis Kantas, senior associate Georgia Koutsoukou and associate Maria Petropoulou, was involved in this transaction from its inception up to the commencement of trading of AIA’s shares on the Athens Exchange on 7 February 2024.

The listing of the Athens International Airport S.A., being the largest IPO in Greece in the last two decades and the first IPO in Europe for 2024, marks a milestone transaction. With proceeds amounting to approximately €785mn and an implied market capitalisation at listing of €2.46bn, it underscores the growing strength of the Greek economy but also reinforces the strong momentum for the Greek capital markets.