First step to sale of Attica Group

Piraeus Bank is taking the first step to capitalizing on its participation in Attica Group, through a valuation that will exceed 1 billion euros, with the transfer of 90% of the shipping company’s shares to its 100% subsidiary Strix Holdings.

There are two main scenarios on the table: either the gradual sale of shares through the stock market with private and public placements, or the disposal of the shares to an institutional investor with a long-term investment horizon and a sustainability strategy, such as CVC Capital or I Squared Capital.

A third scenario, which is currently not being evaluated, is the division of the company into individual units based on the markets they operate in – i.e. the Adriatic, Crete and the Cyclades and the north Aegean – and their partial sale. This scenario is considered potentially detrimental to the value its current shareholders can recover.

However, the case of Attica Group has certain peculiarities. Being the largest Greek shipping company, it is certain any government would not want it sold to an aggressive investor, who could for example render the company less Greek-oriented with obvious consequences.