Heraklion Port Authority Majority Stake Goes to Grimaldi Group

Photo source: HRADF

The majority stake in the Heraklion Port Authority (HPA) has been awarded to Grimaldi Group, the Hellenic Republic Asset Development Fund (HRADF) announced this week after the share purchase agreement was approved by the Court of Audit.

Under the agreement, the consortium Grimaldi Euromed SpA and Minoan Lines SA acquired a 67 percent majority stake in the share capital of Crete’s Heraklion Port Authority for a total sum of 80 million euros.

The majority stakeholder said the upgrade of port services will increase trade and tourist flows, create the conditions for more businesses and jobs, and generate revenues for Heraklion, Crete and Greece.

The HRADF retains a 33 percent share in the HPA. According to the share purchase agreement, the HRADF as a minority shareholder will serve to safeguard the interests of the state and assist the investor at all stages of the approval process of its masterplan.

Photo source: HRADF

The acquisition agreement was signed in the presence of Finance Minister Kostis Hatzidakis, Shipping Minister Christos Stylianidis, Rural Development Minister Lefteris Avgenakis, HRADF CEO Dimitris Politis, Grimaldi Euromed SpA President and CEO Emanuele Grimaldi, and Minoan Lines CEO Loukas Sigalas.

Commenting on the news, Grimaldi referred to the group’s “ambitious” investment program which aims “to make the most of Heraklion’s strategic position in the Eastern Mediterranean for the development of new trade flows for passengers and freight, ranging from cruising to the transport of new vehicles”.

“We are fully aware of the potential of this port, as we have long been its main customer through our sister company Minoan Lines, which has its headquarters in Heraklion,” he said, adding that the group intends to invest in the sustainable growth of the port and to establish it as the Mediterranean’s leading ‘green port’.

Photo source: HRADF

“I believe that the port of Heraklion, one of the largest ports in the country, is moving to another level. Managed by a large international group, it has the opportunity to diversify its activities and strengthen the role of Greece, but also of Crete as a transit center,” said Hatzidakis.

On his part Stylianidis said the port authority would benefit from Grimaldi Group’s rich experience in port infrastructure and management. The port is entering a new era, “which enhances our national position in shipping, with multiple benefits for the economy and the port”, he said.

“We are ready as shareholders and as the port planning authority to cooperate with Grimaldi Group for the optimal development of the port of Heraklion for the benefit of Crete and the national economy,” said Politis.