Greek-Russian businessman Ivan Savvidis is about to buy Volos Port Authority through his Thessaloniki Port Authority company. His company has been chosen as the favored investor for 67% of the Volos Port Authority shares.
How is Ivan Savvidis going to buy the Port of Volos?
The Hellenic Republic Asset Development Fund SA (HRADF), also known as TAIPED, is managing the relevant bid. TAIPED opened the four binding offers filed for the purchase of a 67% majority stake in the capital of the Volos Port Authority (VPA) and chose Thessaloniki Port Authority (ThPA) as the preferred investor.
ThPA has offered nearly twice as much as the second possible investor.
The Court of Auditors will receive the bid file for pre-contractual review. Following its approval, the transaction paperwork will be signed. The complete amount for purchasing 67% of the shares of Volos Port Authority S.A. will be paid in one lump sum in accordance with the tender’s rules.
If, for any reason, the favored investor decides not to move forward with the acquisition, the 67% ownership will go to the runner-up.
For how much will Savvidis buy the Port of Volos?
Ivan Savvidis’ ThPA is buying 67% of the shares of the Volos Port Authority SA for a total cost of €51 million ($54M).
The price for the 67% of the shares will be paid in full (and in accordance with the terms of the tender) in a single payment.
What does the buy mean for the public?
This takeover is considered to bolster Thessaloniki Port Authority’s position in northern Greece and the Balkans.
According to sources, ThPA is evaluating a proposal to increase automobile traffic as well as shipbuilding, in addition to the fact that the two ports engage in comparable activities and work well together.
“The aforesaid progress shows the confidence of the investment community in the development potential of the port of Volos, Magnesia, and the Greek economy as a whole at this pivotal time for the greater region of Thessaly,” says TAIPED in their press release.
Who is Ivan Savvidis?
Ivan Savvidis is a Greek-Russian businessman. He is the president of the Greek soccer team PAOK FC. He owns a stake in PAOK FC through his company Dimera, which also runs the port in Thessaloniki.
Savvidis is a member of the Presidential Council of International Relations. He is the head of the National Cultural Autonomy of Greeks in Russia. In addition, he is the founder and chairman of the board of directors of the «Agrocom Group» Holding Company.
Savvidis is also a former member of the Russian parliament.