The Grimaldi Group has completed the acquisition of 67% of Heraklion Port Authority S.A. (HPA S.A.) through the Holding of Heraklion Port S.A., a consortium formed by Grimaldi Euromed S.p.A. and Minoan Lines S.A., for a total of €80 million (US$90 million).
This agreement was signed on 19 September with the Hellenic Republic Asset Development Fund (HRADF), which is part of Growthfund – The National Fund of Greece.
The signing ceremony took place at the Heraklion Port premises in Crete, Greece and was attended by high-ranking Greek officials, including Kostis Hatzidakis, Minister of Economy and Finance, and Christos Stylianides, Minister of Maritime Affairs and Insular Policy. Other key attendees included Emanuele Grimaldi, President and CEO of Grimaldi Euromed S.p.A., Loukas Sigalas, CEO of Minoan Lines S.A., and various HRADF representatives.
This acquisition follows an official tender process managed by HRADF, which is responsible for privatizing key public assets in Greece, including ports.
With Grimaldi now at the helm of Heraklion Port, the facility is set to experience significant development and modernization, entering a new phase of growth. HRADF, which retains 33% of the shares, remains a strategic partner in this new venture.
“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,” stated Kostis Hatzidakis, Greece’s Minister of Economy and Finance.
The Grimaldi Group has completed the acquisition of 67% of Heraklion Port Authority S.A. (HPA S.A.) through the Holding of Heraklion Port S.A., a consortium formed by Grimaldi Euromed S.p.A. and Minoan Lines S.A., for a total of €80 million (US$90 million).
This agreement was signed on 19 September with the Hellenic Republic Asset Development Fund (HRADF), which is part of Growthfund – The National Fund of Greece.
The signing ceremony took place at the Heraklion Port premises in Crete, Greece and was attended by high-ranking Greek officials, including Kostis Hatzidakis, Minister of Economy and Finance, and Christos Stylianides, Minister of Maritime Affairs and Insular Policy. Other key attendees included Emanuele Grimaldi, President and CEO of Grimaldi Euromed S.p.A., Loukas Sigalas, CEO of Minoan Lines S.A., and various HRADF representatives.
This acquisition follows an official tender process managed by HRADF, which is responsible for privatizing key public assets in Greece, including ports.
With Grimaldi now at the helm of Heraklion Port, the facility is set to experience significant development and modernization, entering a new phase of growth. HRADF, which retains 33% of the shares, remains a strategic partner in this new venture.
“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,” stated Kostis Hatzidakis, Greece’s Minister of Economy and Finance.
