Grimaldi acquires majority stake in Greece's Heraklion Port

Italian shipping company the Grimaldi Group has completed the acquisition of 67 per cent of the capital of Greece's Heraklion Port Authority (HPA) through Holding of Heraklion Port, a consortium formed by the group’s companies Grimaldi Euromed and Minoan Lines, against a fee of €80 million (US$89 million).

The acquisition of a majority stake of the capital of HPA by the Grimaldi Group followed a tender conducted by the Hellenic Republic Asset Development Fund (HRADF), a member company of Growthfund, the National Fund of Greece. HRADF manages the program of privatisation of ports and other public assets in Greece.

HRADF retains 33 per cent of the share capital of the authority, and Grimaldi will operate as its new strategic partner in managing the port.

HPA manages the Port of Heraklion, which lies on the northern coast of the island of Crete. The port boasts two cruise passenger terminals with a combined capacity of 10,000 people.