MIG HOLDINGS S.A.
Signing of the definitive agreements for the acquisition of the assets of Olympic
Marfin Investment Group Holdings S.A. ("MIG") hereby announces that the definitive legal agreements (share sale and purchase agreement, shareholders agreement as well as all other necessary legal documentation) have been signed between the Company and the Hellenic Republic today for the acquisitions of Pantheon Airways S.A (flying operations), MRO NewCo (technical base) and the Ground Handling NewCo (ground handling services) (collectively the "Acquired Entities"). The abovementioned agreements are subject to ratification by the Greek Parliament, expected to take place in the next few weeks, and will thereafter be vested with the validity of a law of the Greek State.
At this point, MIG wishes to inform investors about certain aspects of these transactions:
- All Acquired Entities are effectively start-up businesses, which own only selected assets to be sold by the Hellenic Republic and carry no liabilities or obligations whatsoever;
- The Acquired Entities are not in any way the successors, in a legal or any other manner, of the state-owned aviation companies, including but not limited to Olympic Airways, Olympic Airlines, Olympic Aviation etc. This is safeguarded by national legislation that is already in place and has been vetted by the European Commission;
- In a period of unprecedented financial and economic instability, the nature of the transaction ensures that MIG maintains significant strategic flexibility regarding the operations of the Acquired Entities. Indicatively, MIG can select at its own discretion the assets that it wishes to acquire (such as aircraft and technical equipment at a very favourable environment), the way in which such assets will be acquired (purchase, leasing etc.), the number and type of employees that it wishes to recruit, the routes in which the new airline will operate and a broad array of more strategic alternatives. MIG's full flexibility at this stage will enhance its determination to create a very efficient aviation business with strong competitive advantages.
MIG, in close cooperation with the recently retained aviation management team and external consultants, is currently finalising a detailed strategic and operational business plan for each of the Acquired entities. Post finalisation of this exercise, MIG will be able to provide visibility regarding its plans for, and the prospects of, the Acquired Entities.
Marfin Investment Group is the largest Greek business group in the wider South East European region. It numbers in excess of 50,000 employees and associates and has a presence spanning over 40 countries.
MIG is headquartered in Greece and listed on the Athens Exchange. 58% of its share capital is held directly or indirectly by Greek strategic, institutional and retail investors and 24% is held by international institutional investors. Dubai Group owns a c.18% stake in the Company, is represented on its BoD via 3 non-executive members and has no involvement in the management of the company.
At this point, MIG wishes to inform investors about certain aspects of these transactions:
- All Acquired Entities are effectively start-up businesses, which own only selected assets to be sold by the Hellenic Republic and carry no liabilities or obligations whatsoever;
- The Acquired Entities are not in any way the successors, in a legal or any other manner, of the state-owned aviation companies, including but not limited to Olympic Airways, Olympic Airlines, Olympic Aviation etc. This is safeguarded by national legislation that is already in place and has been vetted by the European Commission;
- In a period of unprecedented financial and economic instability, the nature of the transaction ensures that MIG maintains significant strategic flexibility regarding the operations of the Acquired Entities. Indicatively, MIG can select at its own discretion the assets that it wishes to acquire (such as aircraft and technical equipment at a very favourable environment), the way in which such assets will be acquired (purchase, leasing etc.), the number and type of employees that it wishes to recruit, the routes in which the new airline will operate and a broad array of more strategic alternatives. MIG's full flexibility at this stage will enhance its determination to create a very efficient aviation business with strong competitive advantages.
MIG, in close cooperation with the recently retained aviation management team and external consultants, is currently finalising a detailed strategic and operational business plan for each of the Acquired entities. Post finalisation of this exercise, MIG will be able to provide visibility regarding its plans for, and the prospects of, the Acquired Entities.
Marfin Investment Group is the largest Greek business group in the wider South East European region. It numbers in excess of 50,000 employees and associates and has a presence spanning over 40 countries.
MIG is headquartered in Greece and listed on the Athens Exchange. 58% of its share capital is held directly or indirectly by Greek strategic, institutional and retail investors and 24% is held by international institutional investors. Dubai Group owns a c.18% stake in the Company, is represented on its BoD via 3 non-executive members and has no involvement in the management of the company.