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Grimaldi acquires majority stake in the port of Heraklion

Following a similar investment in the port of Igoumenitsa, the Grimaldi Group in Heraklion continues its strategy of “vertical integration” in Greece.

With the signing of the share purchase agreement today, the sale and transfer of a majority stake in the capital of the Heraklion Port Authority (HPA) to the Holding of Heraklion Port, the consortium formed by Grimaldi Group companies Grimaldi Euromed and Minoan Lines, was officially sealed. [ds_preview]

For a total price of €80 million, the Italian group acquired 67% of the capital of the company that manages the largest and busiest seaport in Crete. The tender was launched by the Hellenic Republic Asset Development Fund (HRADF), which organizes the management and privatization of public assets in Greece.

This new strategic investment follows the Grimaldi Group’s recent acquisition of a majority stake in the Igoumenitsa Port Authority, the company that manages the Greek port of the same name.

Grimaldi CEO Emanuele Grimaldi said: “The Grimaldi Group has an ambitious investment program aimed at exploiting Heraklion’s strategic location in the Eastern Mediterranean for the development of new trade flows for passengers and cargo, ranging from cruises to the transport of new vehicles. We are fully aware of the potential of this port as we have long been its main customer through our sister company Minoan Lines, which is based in Heraklion.”

“We intend to promote the sustainable growth of the port from both an economic and environmental perspective. In particular, by investing in renewable energy sources, we want to make Heraklion a true green port and a reference point for the entire port industry in the Mediterranean. All this will lead to a higher quality of services at the port, more trade flows, more tourism, more businesses and jobs and more prosperity for the city of Heraklion, the island of Crete and Greece as a whole,” said the shipping company boss.

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