Greece prepares for imminent Athens airport stake sale and listing

Greece has begun preparations for the sale of 30 per cent stake in Athens International Airport through an initial public offering (IPO) and separate agreements with shareholders AviaAlliance and the Copelouzos family, Athens International Airport said on Monday.

The listing on the Athens Stock Exchange is expected to take place in February, subject to regulatory approvals, the country’s biggest airport said in a statement, confirming a Reuters report last week.

AviAlliance, which holds a 40 per cent stake in the airport, will have the right to buy a further 10 per cent of the lucrative asset. The Copelouzos family, which owns about 5 per cent, will be eligible for a further 1 per cent stake, the statement said.

After conclusion of the offering, the company’s free float is expected to be about 19 cent, it added.

Greece is heavily reliant on tourism and Athens airport handled more than 28 million passengers last year, accounting for 35 cent of passenger traffic through all the nation’s airports.

Deutsche Bank (DBKGn.DE) will bee a senior joint bookrunner for the offering and Morgan Stanley (MS.N) and BofA Securities (BAC.N) are joint coordinators.