KLF is an established market leader in this field and has a very strong track record in high profile mergers and acquisitions that have taken place within the Greek market in the last few decades, such as the acquisition [of a controlling interest in] HOL by Vodafone Hellas, the sale of Credit Agricole’s controlling interest in Emporiki Bank to Alpha Bank in a €4bn transaction, the €1bn Leveraged Buy-Out of Hyatt Regency SA, including the first – ever in the Greek market – cash out mergerof Hyatt Regency and its consequential de-listing from the Athens Exchange.
Through our consistent presence and involvement in numerous transactions across sectors, we have obtained valuable experience in dealing with the challenges that an M&A transaction may present and have developed the transaction skills necessary to deliver accurate advice and optimal solutions.
Our corporate practice covers public and private M&A transactions, demergers, joint ventures, corporate governance and regulatory compliance issues and is supported by our teams of specialized experts on fields such as anti-trust, tax, finance and restructuring and labor, allowing us to offer a wide range of legal services that could be required in an M&A transaction.
- Advised the sellers, including the investment fund Southbridge Europe Mezzanine, on matters of Greek corporate, civil and tax law in connection with the sale of Arivia group to Upfield. Arivia is a fast growing plant-based dairy alternative manufacturer, with a strong presence in a large number of markets across the globe. The transaction was successfully completed in January 2020.
- Advised the four Greek systemic banks in their capacity as sellers on the sale of the majority participation stake in two (2) major fish farming companies, i.e. Selonda S.A. and Nireus S.A., both listed on the AthEx under an SPA governed by Greek law, to Andromeda S.A., following an open bidding process organized by the sellers and agreement on the debt restructuring of the companies amounting in total to approximately € 370,000,000. The transaction was successfully completed in November 2019.
- Advised the Kanakis family in the sale of their majority stake in Stelios Kanakis SA, a company listed in the AthEx, to the Orkla Group in the context of a voluntary tender offer launched by Orkla for the acquisition of 100% of the shares issued by Stelios Kanakis SA and the subsequent delisting of the company’s shares from the Athens Exchange. The deal was successfully completed in 2019.
- Advised Damco Enerrgy SA (member of the Copelouzos Group) in the acuiqisition of 10% in Senfluga SA, the Greek SPV established by the consortium formed by Snam S.p.A., Enagas International S.L.U. (member of the Enagas Group) and Fluxys Europe SRPL (member of the Fluxys Group) that acquired 66% of DESFA as the preferred bidder in the relevant tender process run by the HRADF, successfully completed in December 2018. This challenging transaction involving the sale of an indirect stake in a highly regulated asset such as DESFA, reached signing in August 2019 and was completed in DEcember 2018.
- Advised Vodafone Hellas on the acquisition of Cyta Hellas, a transaction successfully completed in July 2018. This deal comprised the acquisition of an important player in the Greek telecommunications market, Cyta Hellas, by Vodafone Hellas, followed by the merger of the companies (by means of absorption of Cyta Hellas by Vodafone Hellas), thus strengthening Vodafone’s position and market share in the Greek telecommunications market. In this context, our firm advised Vodafone Hellas through the due diligence exercise and the preparation of the necessary transaction documents up until the closing of the transaction, including the conclusion of a transitional services agreement to regulate the parties’ transitional relationship. Following completion, our firm also advised Vodafone Hellas in relation to the merger with Cyta Hellas by means of absorption of the latter by the former.
- Advised Deutsche Telekom AG in acquiring a furst 5% stake in OTE SA from the HRADF in 2018. Such divestment took place in May 2018 following a relevant tender process launched by the HRADF (which did not result in any other investor submitting an offer for such stake). Our firm provided advice to Deutsche Telekom on all aspects of the transaction, ranging from compliance to public procurement requirements (in relation to the HRADF’s tender process) to the M&A element of the transaction (including the negotiation and preparation of the necessary transaction documents) to the capital markets requirements necessary for the transfer of shares listed in the Athens exchange.
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