Piraeus Bank has sold a 9.8% stake in the Attiki Odos tollway concession to J&P Avax and Ellaktor. The concession concerns the operation of a tolled ring-road around Athens, the Greek capital. The transaction is valued at EUR57 million (US$64.4 million).
After a months-long sale process, Piraeus attracted a bid for the stake from a private equity fund owned by Davidson Kempner Capital Management for EUR50 million (US$56.5 million). As existing stakeholders in the concession, Ellaktor and J&P Avax had the right to purchase the stake themselves before a sale with an external buyer was concluded.
The construction companies were given a deadline of the end of November to decide whether to match the fund's offer. The option had been explored prior to the bid being received, with extended talks taking place earlier in the year.
Ellaktor has acquired the stake via its subsidiary Aktor Concessions.
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