Greece sells stake in Thessaloniki port to German-led consortium

Infrastructure sales are a key part of an ambitious privatisation programme but have been delayed by opposition from hard-line members of the left-wing Syriza-led government.

Private-equity firm Deutsche Invest Equity Partners, France’s Terminal Link and Greece’s Belterra Investments, controlled by Russian-Greek businessman Ivan Savvides, offered €231.9m for 67 per cent of OLTH shares. The price represents a 70 per cent premium over the shares’ market value.

The consortium will also take over operation of Greece’s second-largest port for 34 years under a separate concession agreement, which is projected to bring more than €170m in additional revenues. It will invest €180m over seven years to upgrade the container terminal and other facilities, with another €500m of investments and dividend payments projected over the concession period, HRADF said.