Grimaldi Sells Its Share in Hellenic Seaways

Hellenic Seaways Italian shipping firm Grimaldi Group has reached an agreement to sell its share in Hellenic Seaways to Greece-based ferry services operator Attica Holdings. Under the agreement between the parties, Attica Group will acquire 37,6 million shares in the company from Grimaldi Groups subsidiary Minoan Lines. The stake, representing 48.53% of HSWs share capital, would be purchased for a cash consideration of EUR 78.5 million (USD 91.3 million). The companies also agreed that Grimaldi Groups subsidiary would buy the Ro-Pax jumbo ferry Superfast XII for a price of EUR 74.5 million. Additionally, Minoan Lines would purchase the catamaran Highspeed 7 for EUR 25 million. The deal with Minoan Lines is subject to customary conditions precedent, including the receipt of approvals from the competent authorities, as required, Attica Group informed. Attica Group has already agreed with Piraeus Bank to acquire 50.3 percent of its own and minority shareholders’ stakes in Hellenic Seaways. Upon completion of the acquisition, the company will hold in aggregate an equity stake of 98.83% in HSW.