Ivan Savvidis Buys the Port of Volos in Greece

Greek-Russian businessman Ivan Savvidis is set to buy Volos Port Authority through his Thessaloniki Port Authority company. His company has been chosen as the favored investor for 67 percent of the Volos Port Authority shares.

How will Ivan Savvidis purchase the Port of Volos?

The Hellenic Republic Asset Development Fund SA (HRADF), also known as TAIPED, is managing the relevant bid. TAIPED opened the four binding offers up for the purchase of a 67 percent majority stake in the capital of the Volos Port Authority (VPA). The Thessaloniki Port Authority (ThPA) was chosen as the preferred investor.

ThPA has offered nearly twice as much as the second possible investor. The Court of Auditors will receive the bid file for pre-contractual review. Following its approval, the transaction paperwork will be signed. The complete amount for purchasing 67 percent of the shares of Volos Port Authority S.A. will be paid in one lump sum in accordance with the tender’s rules.

If, for any reason, the favored investor decides not to move forward with the acquisition, the 67 percent ownership will go to the runner-up.

How much will Savvidis buy the Port of Volos for?

Ivan Savvidis’ ThPA is buying 67 percent of the shares of the Volos Port Authority SA for a total cost of 51 million euros (54 million dollars).

The price for the 67 percent of the shares will be paid in full (and in accordance with the terms of the tender) in a single payment.

What does the buy mean for the public?

This takeover is considered to bolster Thessaloniki Port Authority’s position in northern Greece and the Balkans.

According to sources, ThPA is evaluating a proposal to increase automobile traffic as well as shipbuilding. The two ports engage in comparable activities and  work well together.

“The aforesaid progress shows the confidence of the investment community in the development potential of the port of Volos, Magnesia, and the Greek economy as a whole at this pivotal time for the greater region of Thessaly,” said TAIPED in a press release.

Who is Ivan Savvidis?

Ivan Savvidis is a Greek-Russian businessman. He is the president of the Greek soccer team PAOK FC. He owns a stake in PAOK FC through his company Dimera, which also runs the port of Thessaloniki.

Savvidis is a member of the Presidential Council of International Relations. He is the head of the National Cultural Autonomy of Greeks in Russia. In addition, he is the founder and chairman of the board of directors of the Agrocom Group Holding Company. Savvidis is also a former member of the Russian Parliament.