The Hellenic Financial Stability Fund (HFSF) on Monday launched a formal sale process through auction for the disposal of its entire stake in the share capital of Alpha Services and Holdings S.A.
In an announcement, HFSF said that on 23 October 2023, it received a binding offer from UniCredit S.p.A. for the acquisition of its entire stake in Alpha Services and Holdings S.A., namely 211,138,299 common registered shares, corresponding to 8.9781% of Alpha’s paid-up share capital and voting rights at a price per Share of 1.33 euros.
Following the assessment of the UniCredit Offer by the Board of HFSF, the Board of HFSF has determined that the UniCredit Offer is a bona fide offer in accordance with the HFSF Divestment Strategy. HFSF welcomes this offer, which was announced in conjunction with a broader strategic agreement between Alpha and UniCredit. In line with the founding law of the HFSF and as part of the HFSF divestment strategy, the Board of HFSF has resolved to announce its intention to initiate the process of disposing of the Shares through a competitive sale process. The Competitive Process will commence at 10:30 a.m. Greek time on 30 October 2023, with offers due by 5:30 p.m. Greek time on 10 November 2023.
HFSF has appointed Lazard Frères SAS, to act as its disposal advisor. Lazard, acting in such capacity, will conduct the bidding process. Interested investors should contact Lazard directly, using the contact details provided below in order to receive the relevant eligibility criteria and information to participate in the Competitive Process. In order to be an eligible offer, interested investors should note that HFSF will only consider offers on the basis that the offer is for all of the Shares, no due diligence will be offered by HFSF or Alpha, ( a sale and purchase agreement will be made available by HFSF and any amendment thereof by the interested investor (other than as expressly permitted therein) would disqualify the investor, and proof of immediately available funds is provided at the same time as such investor’s offer
Interested investors will also be required to satisfy certain KYC requirements to be eligible. UniCredit may participate in the Competitive Process. Any offer by an eligible investor must be higher than the UniCredit Offer. The completion of the sale of the Shares remains subject to the approval of the Board of HFSF. The results of the Competitive Process are expected to be announced by no later than two (2) hours prior to the opening of trade on 13 November 2023.
AMNA
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