Bernitsas acted as Greek law counsel to (i) a syndicate of international and Greek banks and investment firms, including Citigroup, Goldman Sachs and J.P. Morgan which acted as Joint Global Coordinators and Joint Bookrunners and (ii) a syndicate of Greek banks and investment firms, including National Bank of Greece, Alpha Bank, Eurobank, Piraeus Bank, Euroxx Securities, AXIA Ventures, Optima bank, Credia Bank, Pantelakis Securities and Ambrosia Capital, as Placement Coordinators in connection with the Public Power Corporation’s €4.25bn successful equity capital raising, pursuant to a combined offering of new ordinary shares to retail and qualified investors in Greece and a private placement to international qualified, institutional and other eligible investors outside Greece, as well as the listing of such shares on Euronext Athens.
The transaction attracted tremendous investor demand, with offers received at the final offer price of €18.63 per new share, corresponding to €17.8bn, thus approximately 4.4 times the target amount of c. €4bn initially set by PPC, marking a record-breaking book-building process for Euronext Athens and reflecting exceptionally strong international investor confidence in PPC Group’s strategy and long-term prospects.
Partners Nikos Papachristopoulos, Maria Nefeli Bernitsa and Fotodotis Malamas, Counsel Eleni Stazilova, Senior Associate Lefteris Mikros, Associates Adonis Sfyris, George Ioannidis, Katerina Fotopoulou and Melina Kolovetsiou, supported by a multimember team from various practice areas, advised on this transaction.