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Milbank LLP advised ADMIE (IPTO) Holding S.A. (“ADMIE Holding”) in connection with its offering, through a non-preemptive issue, of 130,864,197 new ordinary, registered, voting, dematerialized shares to institutional investors internationally and to retail and qualified investors in Greece, at an offer price of €4.05 per new share. The share capital increase was supported by a cornerstone investment from Capital World Investors, an investment division of Capital Group, and by DES ADMIE, an entity controlled by the Hellenic Republic and ADMIE Holding’s existing majority shareholder.
The proceeds from ADMIE Holding’s share capital increase will be used to fund ADMIE Holding’s pro rata participation in the €1billion share capital increase of Independent Power Transmission Operator (IPTO) S.A. (“IPTO”) and pay transaction fees and expenses. The proceeds from IPTO’s share capital increase will be used to strengthen IPTO’s capital base for the implementation of its 2026-2029 Strategic Plan which forms part of the 2025-2034 Ten-Year Network Development Plan.
Founded in 2017, ADMIE Holding is a holding company listed on Euronext Athens and the majority shareholder of IPTO, the owner and operator of the Hellenic Electricity Transmission System.
The Milbank team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis and associates Stefanos Serfas, Panos Tsezos and Luca Mirabile. The team also included UK Tax partner Alan Rafferty and associate Max Norman.
