Hogan Lovells Advises on Greek Railway Privatisation

LONDON, 15 July 2013 – The Hellenic Republic Asset Development Fund (HRADF) published on Friday (12 July) an invitation to submit an expression of interest for the acquisition of the Greek railway transport operator (TRAINOSE).

In 2011 the Greek parliament passed an act for the restructuring of Hellenic Railways Organisation (OSE), as well as of the Greek railway operator TRAINOSE, in order to comply with the strict implementation of the country’s debt recovery plan. The changes meant that the OSE would remain the Greek rail infrastructure manager, while its commercial activities would be spun off and the restructured TRAINOSE would continue providing traction services for the transport of goods and passengers by rail.

Hogan Lovells has been the European Union and International Law Counsel of the Greek Government since January 2013, advising on the reorganisation and privatisation of TRAINOSE and the rolling stock maintenance unit of OSE (ROSCO).

The privatisation is part of Greece's privatisation programme as part of its financial assistance agreement.  It constitutes part of the conditions to be met so that the country can receive the state aid agreed with the International Monetary Fund and the European Union.

A number of Hogan Lovells lawyers from the Brussels, London, Paris and German offices are involved in the project.  The team is led by partners Paris Anestis in Brussels, Steven Bryan and Simon Gwynne in London.

Hogan Lovells partner Paris Anestis, said: "The launch of TRAINOSE's privatisation is the result of long and hard negotiations with the European Commission and is a crucial step towards a successful restructuring of the entire Greek railway sector."

Hogan Lovells had also been advising the Greek Government since July 2011 with regard to two state aid notifications through which Greece requested the European Commission's approval for the authorisation of state aids to OSE and TRAINOSE.

The Hellenic Republic's legal advisors are M&P Bernitsas Law Offices, and the financial-technical advisors are the Investment Bank of Greece, Kantor and Louis Berger. 

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