China COSCO Shipping Completes Phase I Acquisition of Piraeus Port in Greece
Hong Kong / London - Paul Hastings, a leading global law firm, announced today that the COSCO (Hong Kong) Group Limited (“COSCO HK”) has completed the acquisition of 51% shares of in Piraeus Port Authority SA("PPA"), phase I of its acquisition of 67% shares of PPA .
The firm will continue in advising COSCO HK on its phase II acquisition of PPA which involves 16% shares of the latter. COSCO HK is a wholly-owned subsidiary of China Ocean Shipping (Group) Company. As the majority shareholder of PPA, COSCO HK is now taking over the port’s management and operations. The sale provides COSCO HK the rights to manage Piraeus Port through PPA until the year of 2052.
This marks one of the most high profile Greek privatizations of recent years and successful execution of the deal is a key part of the plan to turn Piraeus into a logistics hub for Chinese exports to Europe under the “One Belt One Road” strategic initiative of China.
Paul Hastings has demonstrated significant strength over the years in acting as international deal counsel for Chinese buyers in cross-border M&A, including acting for WH Group (formerly Shuanghui International) on its US$7.1 billion acquisition of Smithfield Foods in 2013, acting for Haitong International on its acquisition of Japaninvest Group PLC in 2014, and acting for Fosun International on several of its outbound transactions including its acquisition of Canada’s Cirque du Soleil in 2015.
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