Greece prepares for imminent Athens airport stake sale and listing
The listing on the Athens Stock Exchange is expected to take place in February, subject to regulatory approvals, the country's biggest airport said in a statement, confirming a Reuters report last week.
AviAlliance, which holds a 40% stake in the airport, will have the right to buy a further 10% of the lucrative asset. The Copelouzos family, which owns about 5%, will be eligible for a further 1% stake, the statement said.
The Greek sovereign wealth fund HCAP (Hellenic Corporation of Assets & Participations) holds another 25% in the lucrative asset which handled more than 26 million passengers, mostly foreign nationals, last year, a 25% annual rise.
After conclusion of the offering, the company's free float is expected to be about 19%, it added.
"An IPO for a 19% stake in the airport and the listing is seen happening in the first half of February," a senior HRADF official told Reuters, speaking on condition of anonymity.
Greece is heavily reliant on tourism and Athens airport handled more than 28 million passengers last year, accounting for 35% of passenger traffic through all the nation's airports.
Deutsche Bank (DBKGn.DE) will bee a senior joint bookrunner for the offering and Morgan Stanley (MS.N) and BofA Securities (BAC.N) are joint coordinators.
To open the way for the listing, the Greek parliament is expected to approve on Thursday amendments to a 1995 deal signed between the State and the airport company which set out the terms for the operation of the airport.
State asset sales were a key pillar of Greece's three international bailouts, which were worth about 260 billion euros in total between 2010-2018. These have helped the country, which is still the euro zone's most indebted nation, attract private investors to overhaul state companies and reduce debt.
A previous effort to sell the stake to private investors in 2018-2020 ended after COVID-19 brought world travel to a halt.
