Milbank Advises Public Power Corporation S.A. in Its Landmark €4.25B Share Capital Increase

Milbank LLP advised Public Power Corporation S.A. (“PPC”) in connection with its offering, through a non-preemptive issue, of 228,126,677 new ordinary, registered, voting, dematerialised shares to institutional investors internationally and to retail and qualified investors in Greece, at an offer price of €18.63 per new share. The share capital increase was supported by cornerstone investments from the Hellenic Republic (represented by the Minister of National Economy and Finance) and Aeolus Holdings S.à r.l. (an entity owned by funds advised by CVC Advisers Greece S.M.S.A. and/or its affiliates), and generated proceeds of €4.25 billion to be used primarily to support the implementation of PPC’s €24 billion transformational growth plan. 

This historic transaction represents the largest ever ECM transaction by a corporate in Greece and ranks among the most significant equity offerings in Europe in recent years. 

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Trevor Truman, with associates Alexia Pimbli and Michail Plataniotis. The team also included European Leveraged Finance/Capital Markets law clerk Federico Costantino, Global Corporate/M&A partner Lisa O'Neill and associate Lipi Rawat, New York Tax partner Eschi Rahimi-Laridjani and associate Michelle Song and UK Tax partner Alan Rafferty and associate Max Norman.