Grimaldi takes majority stake in Heraklion Port Authority

A consortium led by the Italian shipping company Grimaldi Group has acquired a majority stake in the Heraklion Port Authority (HPA S.A.).

The Italian group, through a consortium with Grimaldi Euromed SpA and Minoan Lines S.A., signed a share purchase agreement earlier this morning. The company acquired 67% of the capital of the company that manages the largest and busiest seaport in Crete for a total price of € 80 million.

The stake in the port has been put out to tender by the Hellenic Republic Asset Development Fund (HRADF). The fund is a member company of GROWTHFUND (The National Fund of Greece), which organizes the management and privatization of public assets in Greece.

The investment follows Grimaldi Group’s recent acquisition of a majority stake in Igoumenitsa Port Authority S.A.

“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 increase its activities and strengthen the role of Greece, but also of Crete in particular as a transit center. It is also important that this agreement with the Grimaldi Group, which is familiar with the port of Heraklion, is combined with a series of agreements with the local community and especially with the Municipality of Heraklion,” During the ceremony, the Minister of Finance, Kostis Hatzidakis, said.

Specifically, HRADF will retain 33% of the share capital, signaling more development for the national and local economy.

“The port of Heraklion, one of the most important in the country, begins an exciting journey into a new era of development. With the acquisition of 67% of the shares by the Grimaldi Group, the Authority now has a strong new shareholder, with rich experience in port infrastructure management,” HRADF’s CEO, Dimitris Politis, said.

“HRADF retains 33% of the share capital and we are ready as shareholders and as 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 as a whole. In the tender, we considered the importance of the Venetian Harbor for the city of Heraklion, which is a cultural and historical reference point. For this reason, we ensured, in cooperation with the Ministry of Maritime Affairs and Insular Policy, it remains under state management with the establishment of a new body for its protection and promotion”.

“The Grimaldi Group has an ambitious investment program which aims at making 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. We intend to facilitate the sustainable growth of the Port, both from an economic and an environmental point of view,” Grimaldi Group Managing Director Emanuele Grimaldi pointed out.

“Particularly, through investments in renewable sources of energy, we plan to make Heraklion a true green port and a landmark for the entire Mediterranean port industry. All this will result in higher quality services for the port, more trade flows, more tourism, more businesses and jobs, more wealth for the city of Heraklion, the island of Crete and Greece as a whole.”

The signing of the share purchase agreement took place after the approval of the Greek Court of Auditors. The revised concession agreement between the Greek State and HPA S.A. will soon be ratified by the Hellenic Parliament.