DLA Piper has advised the Marguerite Fund on its acquisition of a 10% stake in Fraport Greece, the owner and operator of 14 regional airports in Greece. Greek counsel was provided by Alexiou-Kosmopoulos in Athens.
The stake was sold by Slentel, a company of the Copelouzos Group, which remains a minority shareholder in the company alongside Fraport AG.
The transaction, which closed in December 2017, marks the 20th and final investment of the Marguerite Fund. Fraport Greece is expected to invest approximately EUR 400 million to improve and expand the airports’ infrastructure by 2021.
DLA Piper advised on the negotiation and the documentation of the investment agreements, conducting due diligence on the concession, project, and finance documents regarding Fraport Greece and the project.
London-based DLA Piper Finance & Projects Partner Dimitri Papaefstratiou, who led the team, said: "We are delighted to have advised on this acquisition, which will catalyze positive investment into the Greek economy. Tourism is one of Greece's most crucial industries. Looking to the future, activity within this significant sector will bring multiple benefits, at both a national and a regional level, including the creation of employment opportunities."
In addition to Papaefstratiou, the London-based team included Partner Christopher Baird, Counsel Harry Brunt, Senior Associate Joseph Lam, and Associate Charles Orphanides.
The Alexiou-Kosmopoulos team was led by Partner Alexandros Kosmopoulos and included Partner George Zohios and Associates Kostas Fatsis and George Palogos.
DLA Piper declined to identify other firms working on the deal.