Piraeus Financial Holdings S.A. completed the acquisition of a 79.38% stake in Attica Holdings S.A. from MIG Holdings S.A..
May 11, 2023
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Piraeus Financial Holdings S.A. (ATSE:TPEIR) made an offer to acquire a 79.38% stake in Attica Holdings S.A. (ATSE:ATTICA) from MIG Holdings S.A. (ATSE:MIG) for approximately ?440 million on December 13, 2022. Under the terms, STRIX Holdings owner of the entirety of the bonds issued by MIG on 14.5.2021, with an outstanding balance of ?282.9 million and the convertible bond loan issued by MIG on 31.7.2017, with an outstanding balance of ?160.8 million, for the exchange of the entirety of the bonds owned by STRIX and issued by MIG, for the MIG's total direct and indirect shareholding in ATTICA HOLDINGS is approximately a 79.38% stake. The terms of the proposal include a confirmatory legal and financial due diligence, and approval of any competent competition authority, as required by law, and the granting of an exclusivity period until 30.6.2023. The Board of Directors at today?s meeting accepted the aforementioned proposal and decided to appoint forthwith a financial advisor that will examine the fairness of the financial terms of the transaction. Any definite agreement will be submitted for approval to the General Meeting of the MIG's Shareholders. The finalization of the transaction is expected to take place within 2023. As of March 6, 2023, The transaction was approved by shareholders of MIG at the General Meeting. Euroxx Securities provided Fairness Opinion to the BOD of MIG, The exchange agreement was signed on May 12, 2023
Piraeus Financial Holdings S.A. (ATSE:TPEIR) completed the acquisition of a 79.38% stake in Attica Holdings S.A. (ATSE:ATTICA) from MIG Holdings S.A. (ATSE:MIG) on May 12, 2023. The agreement was signed on May 12, 2023. With the completion of the agreement, MIG zeroes out its debt, and Strix Holdings becomes the main shareholder with a percentage of 90% of Attica Group; this is because Strix already owns an 11.3% share of the shipping company. The agreement between Marfin and Strix Holdings has already been approved by the Greek Competition Commission.
Piraeus Financial Holdings SA, formerly known as Piraeus Bank SA, is a Greece-based banking institute. It operates in the following main business segments: Retail Banking, Corporate Banking, Investment Banking, as well as Asset Management and Treasury. The Retail Banking segment includes the retail banking operations of the Bank and its subsidiaries, which are addressed to retail customers, as well as to small-medium companies, such as deposits, loans and letters of guarantee, among others. The Corporate Banking segment includes facilities related to corporate banking, provided by the Bank and its subsidiaries, addressed to maritime companies, such as syndicated loans, project financing and imports-exports, among others. The Investment Banking segment includes activities related to investment banking operations of the Bank and its subsidiaries, such as investment and advisory services, underwriting services and public listings, as well as stock exchange services, among others.
PIRAEUS FINANCIAL HOLDINGS S.A. 
