Stage 1 — Complete
Deal Structuring & Market Sounding
Initial process by government/grantor or private owner of shares to structure the transaction and/or sounding potential market interest in the opportunity.
Origin Country
Greece
airport deal
Operator // AviAlliance
Athens International Airport S.A. (AIA), the world’s first privately financed Build, Own, Operate and Transfer (BOOT) airport project, commenced in 1996. The Greek parliament approved a 20-year extension of the AIA concession in with AIA paying EUR1.4b for the extended right. In April 2019,the two largest lenders in Greece; Piraeus Bank and National Bank, were appointed as exclusive joint underwriters of the EUR665.6m bond loan facility which was structured for AIA to partly fund the term extension. With the agreement and financing secured, HRADF plans to sell its 30% stake, which is expected to raise between EUR1.1 and 1.5b, possibly higher. ATH recorded a historic high of 25.57m pax in 2019, a 1.4m pax (6%) increase over 2018. On 11 June 2021, it was reported that the gov’t has authorized financial recovery support for the AIA concessionaire through a state aid procedure, pursuant to Article 107 (2) (b) of the Treaty on the Functioning of the European Union (TFEU), off-setting the payment obligations for the granting of rights, in accordance with the Airport Development Contract.
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Initial process by government/grantor or private owner of shares to structure the transaction and/or sounding potential market interest in the opportunity.
Investor/operator evaluation for the deal/opportunity and/or business case and financial model development to support commercial bid/offer.
Award of deal by government/grantor, or acceptance of offer from private owner of shares, followed by completion of financing conditions and, ultimately, granting of concession and/or transfer of shares.
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