The whole process is expected to be completed within the first half of this year
It is only a matter of time before the entry of “El. Venizelos” on the Stock Exchange and, barring the unexpected, the whole process is expected to be completed within the first half of this year.
According to reliable information, TAIPED (owns 30% of the shares of Athens International Airport – AIA), has reached an agreement in principle with the airport’s largest shareholders and managers, AviAlliance GmbH and AviAlliance Capital GmbH, both of which controlled by the Canadian insurance fund PSP Investments. The rest of the shares are distributed to the Superfund (25%), PSP (40% and management) and the Kopelouzou family (5%).
Based on the agreement in principle, TAIPED will make available 30% of the shares in an Initial Public Offering. PSP will have the right to acquire 10% of the shares, paying a controlled premium (in this case the Canadian insurance fund will become a majority shareholder).
The remaining 20% of TAIPED will be allocated to the Stock Exchange, with market players estimating that 800 million – 1 billion euros can conservatively be raised from the allocation of 30%. TAIPED’s advisors are Bank of America, Morgan Stanley and Deutsche Bank.
In order for the process to proceed, both the Superfund (as the State) and the Kopelouzo group must be informed in between. Also, that there be changes in the context of corporate governance (e.g. changes to the board of directors), due to the entry to the Stock Exchange. And, according to well-informed actors, TAIPED seeks to finalize the agreement as soon as possible, even within the first half of the year.
The same factors state that the objective is threefold:
*The strengthening of the Greek Capital Market.
*The possibility for more investors to participate in AIA.
*The raising of funds from the Stock Exchange, in order to make new investments.
The country’s largest airport handled more than 22.7 million passengers last year (84% increase compared to 2021), compared to 25.6 million passengers in 2019.
The relevant actors are optimistic that with the aforementioned moves and subsequent investments, “El. Venizelos” will be able to serve approximately 30 million passengers.
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