Sea Star Cyprus takes Adriatic, Greek seas by storm

Sea Star Cyprus takes Adriatic, Greek seas by storm


-- Majority stake in Minoan, Hellenic Seaways – faces new revolt by Grimaldi


Sea Star Capital (SEAS), the CSE listed group controlled by Greek shipping tycoon Ioannis Vardinoyannis has taken a 26.71% controlling stake in Minoan Lines and a 34.70% stake in Hellenic Seaways for a total deal value of EUR 249.6 mln, becoming a major player in the Greek passenger and freight shipping market.



SEAS bought 18.481.487 shares of Minoan or a 26.05% stake in the company at EUR 5 per share for EUR 92.407.435 and 26.935.378 shares of Hellenic Seaways or 34.70% of the capital of the non-listed company at EUR 5.75 per share for a deal valued EUR 154.878.423 from companies controlled by Greek entrepreneur Laskarides. The smaller stakes were also purchased on the same terms.



Sea Star financed the whole deal valued at EUR 250 mln from bank borrowing, but expects to pay up to EUR 100 mln in borrowing from the proceeds of its planned rights issue of EUR 169 mln of which EUR 58 mln was used to buy a 14.9% stake in Anek. SEAS was advised by Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London branch.



Sea Star Board said in an announcement that the decision to acquire the significant stakes in Minoan Lines and Hellenic Seaways was in line with its expansion strategy.

FINANCIAL MIRROR