Athens Airport IPO to proceed; AviAlliance offered a further 10% equity stake
The Greek government's stake in Athens Airport - it has the majority share of the equity, directly or indirectly - was always likely to be reduced once the Greek debt crisis began to recede.
Four years ago the share held by the Hellenic Republic Asset Development Fund (HRADF) was to be disposed by way of a trade sale, but that decision was overturned by the government.
Now agreement has been reached between HRADF and the largest private sector shareholder, AviAlliance, with 10% of it going to AviAlliance, which will put it in a position of control over the airport's future direction.
The CEO of HRADF, Dimitrios Politis, said recently that the fund had reached an agreement with AviAlliance and AviAlliance Capital to proceed with an initial public offering (IPO) for the fund's 30% stake in Athens International Airport. Mr Politis added that the stake was expected to be valued at between EUR800 million and EUR1 billion.
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