A consortium of Terminal Link SAS, Deutsche Invest Equity Partners GmbH and Belterra Investments Ltd emerged as the highest bidder to acquire 67% stake in Thessaloniki Port Authority Societe Anonyme (ATSE:OLTH) from Hellenic Republic Asset Development Fund S.A. for approximately €230 million on April 24, 2017. The total value of the agreement amounts to €1.1 billion and includes among others €231.93 million for 67% stake, the mandatory investments amounting to €180 million over the next seven years and the expected revenues from the concession agreement for Hellenic Republic Asset Development Fund, in an expected amount in excess of €170 million. The total amount takes also into account the expected dividends receivable by the Hellenic Republic Asset Development Fund for the remaining 7.22% shareholding as well as the estimated investments until the expiration of the concession, in 2051. A file relating to the tender process will be submitted to the Court of Auditors for a pre-contractual review of the legality of the process. The share purchase agreement will be signed, following the Court of Auditors’ approval. The completion of the transaction is subject to the competent authorities’ approvals, regulatory approval and the satisfaction of certain further conditions provided for the share purchase agreement. Hellenic Republic Asset Development Fund approved the deal. The tender dossier will also be submitted for review to a special commission. As of June 19, 2017, the Board of Directors of HRADF unanimously declared the consortium comprising of Terminal Link, Deutsche Invest Equity Partners and Belterra Investments as the preferred investor. On December 21, 2017, the agreement for the sale of 67% stake in Thessaloniki Port Authority Societe Anonyme was signed by the parties. The sale & purchase agreement was signed after the approval from the Court of Auditors, while the approval from the Hellenic Competition Commission is still pending. As of February 22, 2018, the deal is approved by the Hellenic Competition Commission of Greece. The agreement will be ratified by the Parliament and the transaction is expected to be completed by first quarter of 2018. Morgan Stanley & Co. International plc and Piraeus Bank acted as financial advisors, Alexiou - Kosmopoulos Law Firm acted as legal advisor and Hamburg Port Consulting and Marnet acted as technical advisors on behalf of Hellenic Republic Asset Development Fund. Natascha Doll, Marius Berenbrok, Andreas von Bonin, Moritz von Hesberg, Sascha Arnold and Pinelopi Stamou of Freshfields Bruckhaus Deringer acted as legal advisors to Hellenic Republic's Asset Development Fund. Compagnie Financière Lazard Frères SAS acted as financial advisor to Belterra Investments Ltd. Hubert Segain, Christopher Theris and Eric Fiszelson of Herbert Smith Freehills, Willkie Farr & Gallagher, Clifford Chance and Elias Neocleous acted as legal advisors to Terminal Link SAS. Dryllerakis & Associates acted as legal advisor to Terminal Link SAS, Deutsche Invest Equity Partners GmbH and Belterra Investments Ltd.