Grimaldi completes acquisition of majority stake in the Port of Heraklion

Naples-based Grimaldi Group has completed the acquisition of a 67% stake in the Heraklion Port Authority S.A. (HPA S.A.) through Holding of Heraklion Port S.A, a consortium composed of Grimaldi Euromed S.p.A. and Minoan Lines S.A. The deal was secured for €80 million. The signing ceremony to mark the occasion was held on September 18.

Heraklion Port, situated on the northern coast of Crete in the city of Heraklion, is one of Greece’s largest ports and a critical hub for passenger ferries and commercial shipping in the eastern Mediterranean.

The acquisition was first announced in December 2023 following the signing of a share purchase agreement. The stake was offered for tender by the Hellenic Republic Asset Development Fund (HRADF), part of GROWTHFUND, the National Fund of Greece, which oversees the management and privatisation of public assets. The HRADF will retain 33% of the port’s share capital, as part of its strategy to boost both the national and local economy through strategic development.

“Today is an important day not only for Heraklion and Crete but also for the national economy, for three reasons: Firstly, the Heraklion Port Authority acquires a strong shareholder, the Grimaldi Group, one of the largest shipping groups in Europe, which, following another HRADF tender, has already acquired the majority stake in the share capital of the Igoumenitsa Port Authority. Secondly, the state secures a significant offer of €80 million while retaining 33% of the share capital of the Authority,” said the Greek Minister of Economy and Finance, Kostis Hatzidakis. “And thirdly, it is the first implementation of the new provision of Law 5131/2024, according to which 50% of the fee will be allocated for the development of the ports in HRADF’s portfolio. It is important for the local community of Heraklion that after the redefinition of the land zone of the port, the areas that were released will be assigned to the municipality, satisfying a long-term demand.”

“We have an ambitious investment program aimed at fully leveraging Heraklion’s strategic location in the Eastern Mediterranean. This port has great potential for new trade routes for both passenger and freight transport, including cruises and vehicle shipments. We are keenly aware of this, having been its primary client for many years through the Grimaldi Group Heraklion-based company Minoan Lines. With our investments in renewable energy, we will also support the port’s sustainable growth and transform Heraklion into a truly green port and a model for the Mediterranean port sector. Our ultimate goal is to foster improved services for the port, increased trade activity, more tourism, more business opportunities, job creation, and greater prosperity for the city of Heraklion, the island of Crete, and Greece as a whole,” said Grimaldi Euromed S.p.A. President and CEO, Emanuele Grimaldi.

Grimaldi owns and operates over 20 ports and terminals across 13 countries worldwide, including Italy, Spain, Greece, Germany, Sweden, Finland, Denmark, Ireland, Belgium, Egypt, Cameroon, Nigeria, and Benin.