The competitive tender process for the sale of a majority stake in Piraeus Port Authority S.A. reached a key milestone in mid-February, upon designation of the preferred investor. Subject to approvals under applicable law, signing of respective transaction documentation is expected to take place within the second quarter of 2016. The transaction involves a sale consideration of EUR 368.5 million for 67% of PPA’s shares and mandatory investments of EUR 350 million over an initial period of 10 years. Completion conditions envisaged include the amendment of the master concession held by PPA S.A. and expiring in 2052, and associated regulatory reforms. AKL has been responsible for providing Greek law advice on process, transaction and regulatory matters, within a multidisciplinary team of advisors to the HRADF, as part of a mandate aimed at attracting private investments in Greek ports.