The Grimaldi Group has completed the acquisition of 67% of the capital of Heraklion Port Authority (HPA) in Crete for 80 million euros ($89 million).
The signing of the agreement with Hellenic Republic Asset Development Fund (HRADF) followed a tender conducted by HRADF, which manages the program of privatization of ports and other public assets in Greece.
HRADF retained a 33% of the share capital of the Authority.
The Greek government is implementing a comprehensive strategy to upgrade the country's maritime infrastructure with the aim of providing better services for islanders and tourists, facilitating trade, more revenue for the State, growth and job creation.
Minister of Economy and Finance, Kostis Hatzidakis, stated: “Today is an important day not only for Heraklion and Crete but also for the national economy, for three reasons: Firstly, the Heraklion Port Authority acquires a strong shareholder, the Grimaldi Group, one of the largest shipping groups in Europe, which, following another HRADF tender, has already acquired the majority stake in the share capital of the Igoumenitsa Port Authority.
“Secondly, the State secures a significant offer of 80 million euros while retaining 33% of the share capital of the Authority.
“And thirdly, it is the first implementation of the new provision of Law 5131/2024, according to which 50% of the fee will be allocated for the development of the ports in HRADF's portfolio. It is important for the local community of Heraklion that after the redefinition of the land zone of the port, the areas that were released will be assigned to the Municipality, satisfying a long-term demand.”
Grimaldi Euromed President and CEO, Emanuele Grimaldi, said: “This port has great potential for new trade routes for both passenger and freight transport, including cruises and vehicle shipments. We are keenly aware of this, having been its primary client for many years through the Grimaldi Group Heraklion-based company Minoan Lines. With our investments in renewable energy, we will also support the Port's sustainable growth and transform Heraklion into a truly green port and a model for the Mediterranean port sector.”