The Grimaldi Group has finalized the acquisition of a 67% controlling stake in Heraklion Port Authority S.A. (HPA S.A.). This significant transaction was conducted through Holding of Heraklion Port S.A., a consortium established by Grimaldi Euromed S.p.A. and Minoan Lines S.A., for a total investment of €80 million (approximately US$90 million). The agreement was officially signed on September 19th with the Hellenic Republic Asset Development Fund (HRADF), an entity operating under Growthfund - The National Fund of Greece. The signing ceremony was held at the Heraklion Port facilities on the island of Crete, Greece. Notable attendees included Kostis Hatzidakis, the Greek Minister of Economy and Finance, and Christos Stylianides, the Minister of Maritime Affairs and Insular Policy. Also present were Emanuele Grimaldi, President and CEO of Grimaldi Euromed S.p.A., Loukas Sigalas, CEO of Minoan Lines S.A., and several representatives from HRADF. This acquisition is the culmination of an official tender process overseen by HRADF, which is tasked with privatizing crucial public assets across Greece, including its ports. With the Grimaldi Group now leading Heraklion Port, the facility is poised for substantial development and modernization, ushering in a new era of expansion. HRADF will retain a 33% shareholding, continuing its role as a strategic partner in this new chapter. This marks the first application of the new provisions within Law 5131/2024, which mandates that 50% of the acquisition fee will be dedicated to the development of ports within HRADF's portfolio. The development is considered vital for the local community of Heraklion, ensuring that following the...