The consortium of Deutsche Invest Equity Partners, Belterra Investments and CMA CGM’s Terminal Link will acquire a 67% stake in the port of Thessaloniki for an initial €231.9m ($252m), with the concession running until 2051.
The group’s offer to the Greek state bettered that of International Container Terminal Services Inc and DP World subsidiary P&O. All three contestants submitted improved offers on Friday after the Hellenic Republic Asset Development Fund, Greece’s privatisation body deemed their initial proposals to be below the acceptable minimum.
The HRADF said that Greece, which will have a 7.22% stake in the port after the acquisition, will rake in as much as €1.1bn from the deal, including the initial €231.9m investments over a seven year period and €170m in expected revenues from the concession agreement. Dividend payments for the state’s remaining share as well as additional investments until the lease expires in 34 years will bring in over €500m.
The agreement, which edges close to completion two years after the privatisation process was first launched, is now subject to regulatory approval.
The consortium adds to the list of major foreign investors in Greece’s maritime assets after Cosco Shipping acquired a majority stake in the country’s largest port, the port of Piraeus, last year.