Major transactions in recent months on the Greek market include Project Voria for the relocation of Parnitha Casino €380 million, the capital increase of Credia Bank €300 million in excess of 3.8 times, and OTE's acquisition of TERNA Fiber. Other important deals are the acquisition of Open Technology Services by Real Value Consulting €47 million, bond issue €Allwyn's 550 million for OPAP, and the sale of Cora Resort & Spa to Fattal Group. Behind these transactions are legal offices such as PotamitisVekris, Bernitsas Law, Karatzas & Partners and Papapolitis, with lawyers such as George Bersis, Nikos Papachristopoulos and Vassilis Stergiou.
Analyticalally:
The most important transactions in recent months and the legal groups that shaped the structure, managed the complexity and led to their completion.
The last few months confirm that the market is in a state of strong mobility, with transactions extending from capital market and energy to technology, education and real estate. Behind the announcements of the deals a new landscape is formed, in which the balance moves and the big players are repositioned.
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In this environment, the role of lawyers remains decisive but often invisible. They're the ones who «build» the legal structure of each transaction, manage complex regulatory frameworks and coordinate procedures extending to multiple jurisdictions. From the most iconic real estate projects to demanding bond issues and strategic investments, legal groups are behind the deals that determine the next day of the market.
Project Voria: The real estate mega project €380 million changing the map of Attica
At the heart of the investment interest is Project Voria, one of the largest urban development in recent years, directly linked to the relocation of Parnithas Casino to Maroussi. Project, total budget above €380 million, includes the creation of a multifunctional complex with a strong imprint on the area of hospitality and entertainment, but also with an emphasis on shared and green spaces.
The financial structure of the investment involves an increase in the share capital of North Star Entertainment €111 million, covered on the one hand by cash and on the other by a contribution in kind through the grant of a right to land for 60 years on the property «Estate Diaveris».
The legal support of North Star Entertainment was taken over by PotamitisVekris, led by Managing Partner George Berses, which coordinated the structure of the transaction and individual corporate and asset issues.
Credia Bank: PMC €300 million with international interest and coverage 3.8 times
In the capital market, Credia Bank's share capital increase was one of the most demanding deals, combining a public offer in Greece with a private placement in international institutional investors. The transaction raised demand above €1.1 billion, leading to over cover about 3.8 times and confirming the return of strong investment interest in the banking sector.
The issue of 375 million new shares and the coordination of an international syndicate under Morgan Stanley and UBS highlighted the degree of complexity of the transaction, in particular as regards compliance with multiple regulatory frameworks and disclosure requirements.
On the bank side, PotamitisVekris took legal direction with the Partners George Berses and Helena Theocharakos, while the investment scheme was represented by Bernitsas Law, led by partners Nikos Papachristopoulos and Maria Nepheli Bernitsa.
OTE – TERN Fiber: Full control in critical fiber optic infrastructure
The acquisition of 100% of OTE's TERNA Fiber by OTE Group is decisively strengthening its position in the market for fiber optic infrastructure, giving it full control over the Ultra-Fast Broadband project (UFBB), one of the largest digital infrastructure projects in the country.
The transaction was implemented through a structured two-stage process, involving participation transfers and restructuring of the corporate structure, with particular emphasis on PPP issues and regulatory approvals.
The legal support was provided by PotamitisVekris, with Partner Alexander Metallinos to deal with the main legal issues of the transaction and Alexander Cortassis cover the regulatory and contractual framework of the project.
Real Consulting – Open Technology Services: Acquisition €47 million
In a transaction that reflects the dynamics of the technology industry, Real Consulting acquired 100% of Open Technology Services through a share-sharing agreement, as part of a capital increase by contribution in kind.
The agreement, worth about €47 million, combined with a parallel placement of shares by a core shareholder, significantly strengthening the company's equity base and position in the field of information systems and enterprise software.
The legal guidance of Real Consulting was undertaken by Papapolitis & Papapolitis, led by Helena Papachristou, which coordinated the structure of the transaction and the implementation of the exchange.
Engineering Hellas: New technology hub in Athens
The entry of the Italian Engineering Group into the Greek market, through the establishment of Engineering Hellas, is part of a wider strategy for placement in Southeast Europe. The group, one of the largest digital transformation service providers in Europe, selected Athens as a regional hub for developing solutions in areas such as artificial intelligence, cloud computing, cybersecurity and data management.
The establishment of Engineering Hellas and the formation of its corporate and legal structure was undertaken by Karatzas & Partners, with the decisive role of Partner Nikos Ascorris, which handled the corporate and structural issues of the group's establishment in Greece, ensuring the smooth establishment and operation of the new company within the Greek regulatory framework.
Allwyn – OPAP: Edition €550 million and multi-composite international financing
In the field of international capital markets, Allwyn UK Entertainment Financing went on to issue senior secured notes of height €ECU 550 million in a transaction directly linked to its OPAP strategy and the financing of wider corporate restructuring and consolidation of activities.
The structure of the transaction was particularly demanding as it involved the participation of international syndicate banks and investment schemes, as well as trustee, with increased requirements in terms of securing creditors, the structure of collateral and compliance with multiple regulatory regimes.
Allwyn was represented as Greek legal adviser by PotamitisVekris, with a decisive role of Partner Alexander Metallinus, who managed the Greek legal issues of extradition and their connection to the overall financial structure. On the bank and trustee side, Bernitsas Law took legal support, led by Partner Nikos Papachristopoulos, which coordinated issues relating to investors and securing the transaction.
Cora Resort & Spa: Sale to Israeli hotel group
In the field of hospitality, the sale of the 5 star Cora Resort & Spa in Halkidiki by Bain Capital to Fattal Group was one of the most characteristic deals of the last period, confirming the continued mobility in Greek tourism and the attractiveness of high-end assets.
The transaction included the transfer of all the shares of the companies holding and operating the resort, marking the completion of Bain's investment cycle to the asset in question and the entry of an international hotel group with a strong presence in Europe.
Bain Capital's legal support was taken over by Karatzas & Partners, led by Partner Nico Frago, which handled the entire transaction at corporate structure, due diligence and negotiation of contractual terms, ensuring the smooth transfer and completion of the deal.
DECA – IEK Delta 360: Strategic placement in private education
The investment of DECA Investments, through Diorama II Fund, in the IEK Delta 360 group is part of a wider wave of interest in the private education and vocational training sector, which has stable growth potential.
The transaction concerns the acquisition of a strategic minority participation, with a view to strengthening the development of the group and its further penetration in the area of lifelong learning and specialised education.
The legal guidance of DECA Investments was taken over by PotamitisVekris, led by Partner Vassilis Stergios, which coordinated the investment structure and corporate issues of participation , ensuring that the transaction is aligned with the fund strategy and the investment framework requirements.
AKTOR – End of period: Approval of concentration and reinforcement of presence in construction
Στον κλάδο των κατασκευών, η απόκτηση αποκλειστικού ελέγχου της Εντελέχεια από την AKTOR, μέσω της AKTOR Κατασκευές, αποτελεί μία κίνηση ενίσχυσης θέσης σε μια αγορά που συνεχίζει να συγκεντρώνεται και να αναδιαρθρώνεται. Η συναλλαγή έλαβε το «πράσινο φως» από την Επιτροπή Ανταγωνισμού σε στάδιο Phase I, γεγονός που αποτυπώνει τόσο τη δομή της συμφωνίας όσο και την αξιολόγηση των επιπτώσεών της στον ανταγωνισμό στους τομείς δημοσίων και ιδιωτικών έργων.
Το deal εντάσσεται στη στρατηγική της AKTOR για ενίσχυση του χαρτοφυλακίου της και διεύρυνση της παρουσίας της σε επιμέρους αγορές του κατασκευαστικού κλάδου, σε μια περίοδο όπου οι υποδομές και τα μεγάλα έργα παραμένουν στο επίκεντρο του επενδυτικού ενδιαφέροντος.
Τη νομική υποστήριξη της AKTOR ανέλαβε η Bernitsas Law, με επικεφαλής την Partner Μαρίνα Ανδρουλακάκη, η οποία χειρίστηκε τη διαδικασία λήψης της έγκρισης από την Επιτροπή Ανταγωνισμού, συντονίζοντας τα ζητήματα συγκεντρώσεων και διασφαλίζοντας την ομαλή ολοκλήρωση της συναλλαγής από πλευράς κανονιστικής συμμόρφωσης.
Ροδίων Παιδεία – Forfar Education: Ελληνικό σχολείο σε διεθνή εκπαιδευτικό όμιλο
Η ένταξη των Εκπαιδευτηρίων Ροδίων Παιδεία στον διεθνή όμιλο Forfar Education σηματοδοτεί μία ακόμη κίνηση εξωστρέφειας στον χώρο της ιδιωτικής εκπαίδευσης, με αυξανόμενο ενδιαφέρον από ξένους επενδυτές για ώριμα και αναγνωρίσιμα ελληνικά εκπαιδευτικά ιδρύματα. Το σχολείο της Ρόδου, με ισχυρό αποτύπωμα στην πρωτοβάθμια και δευτεροβάθμια εκπαίδευση και διεθνή προσανατολισμό, εντάσσεται πλέον σε ένα ευρύτερο δίκτυο εκπαιδευτικών οργανισμών με παρουσία σε πολλαπλές αγορές.
Η συναλλαγή εντάσσεται σε μια ευρύτερη τάση συγκέντρωσης στον κλάδο, όπου διεθνείς όμιλοι επιδιώκουν την απόκτηση ποιοτικών assets με σταθερή φήμη, προκειμένου να επεκτείνουν το αποτύπωμά τους και να δημιουργήσουν συνέργειες σε επίπεδο εκπαιδευτικών υπηρεσιών και διοίκησης.
Τη νομική υποστήριξη των μετόχων των Εκπαιδευτηρίων Ροδίων Παιδεία ανέλαβε η PotamitisVekris, με επικεφαλής την Partner Μαρία Περιφάνου, η οποία συντόνισε τη συναλλαγή σε όλα τα επίπεδα, από τη διαμόρφωση της εταιρικής δομής μέχρι τη διαπραγμάτευση των όρων εισόδου του διεθνούς επενδυτή.
Βασίλης Στεργίου Μαρίνα Ανδρουλακάκη και Μαρία Περιφάνου
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