PAOK owner Ivan Savvidis buys Thessaloniki port

Deutsche Invest Equity Partners (DIEP), an investment group Ivan Savvidis, the owner of football club PAOK Thessaloniki, is a part of has bought out the Thessaloniki port (OLTH) for a price of 231.9 million euros. The development signals a new era in the city’s port, affecting the economic growth of northern Greece and the country as a whole. DIEP submitted a bid over 10% of its initial one and managed to secure the contract. The Hellenic Republic Asset Development Fund S.A. (TAIPED), the state owned asset development fund of Greece announced that the improved binding offer by DIEP provides the payment of a tranche worth 231,926,000 euros for the acquisition of a 67% stake in the port. The total value of the deal will reach 1.1 billion euros and includes among other provisions, the compulsory investment of 180 million euros over the next 7 years, as well as the expected revenues to the Greek state (corresponding to the latter’s 3.5% turnover from the port) from the concession contract, estimated to be 170 million euros. The call to tender dossier will be submitted to Court of Audit for a preliminary audit within the upcoming weeks. The confirmation of the deal will take place after the competent authorities provide their approval, including the ratification of the concession by the Greek parliament in the final stage.