Heraklion Port Majority Stake Officially Acquired by Grimaldi Group

Photo source: HRADF

The Heraklion Port Authority (HPA S.A.) is embarking on a new era of growth following the acquisition of a majority stake in its share capital by the Grimaldi Group-Minoan Lines S.A. consortium.

In a recent tender conducted by the Hellenic Republic Asset Development Fund (HRDAF), the consortium secured 67 percent of HPA’s shares for 80 million euros. The Greek State retains a 33 percent stake in HPA through HRADF.

The finalization of the port privatization agreement was marked by a signing ceremony held on Wednesday at the Heraklion Port Authority offices on Crete, attended by numerous government and company officials.

According to HRDAF, this development offers significant benefits for Heraklion, Crete, and the national economy. Of the 80 million euros received by the Greek state, 50 percent will be allocated to the “Special Account for the Development of Port Infrastructures” at the Bank of Greece. This fund will support development projects for ports still managed by HRADF, as outlined in law 5131/2024.

Greek Minister of Economy and Finance Kostis Hatzidakis highlighted the government’s strategy during the signing ceremony: “The government is implementing a comprehensive strategy to upgrade the country’s ports. This upgrade will provide better services for islanders and tourists, facilitate trade, increase state revenue, and create jobs.”

Moreover, during the ceremony it was announced that the HRDAF will support Grimaldi, HPA’s new majority shareholder, in obtaining approval for its investment master plan for the port of Heraklion.

The development of the port of Heraklion, along with the new North Crete Axis Road (B.O.A.K.) and the island’s new airport at Kasteli, is part of a broader initiative by the Greek government to enhance all infrastructure on Crete.

Additionally, the port of Heraklion is the first in Greece to be certified by TUV Austria based on ESG criteria, using the HRADF ESG Rating Tool developed by HRADF.