EU, Competition & Antitrust

Dimitris Loukas and associate Athanasios Taliadouros advised GEK Terna SA, Greece’s leading group of companies in the construction, infrastructure, energy utilities, waste management and real estate sectors, in relation to the HCC’s merger control approval process concerning its acquisition of control over the business activity of Attica Motorway, following the signing of a concession agreement for the financing, operation, maintenance and exploitation of Attica Motorway (Attiki Odos) for a period of 25 years pursuant to an international tender process. The team also advised GEK TERNA SA in relation to the granting by the HCC of a derogation from the obligation to suspend implementation of the transaction pending the approval process, in view of special circumstances warranting the early execution of the agreement for public interest and consumer welfare considerations.

Dimitris Loukas and team advised Apollo Capital Management (Apollo Funds), a leading provider of alternative asset management and retirement solutions globally, in relation to the HCC’s merger control approval process concerning its acquisition over IGT Gaming (a global gaming and play-digital services provider) and over Everi (a global gaming and fintech provider).

Dimitris Loukas and associate Athanasios Taliadouros advised IMITHEA, owner of the Henry Dunant hospital, in relation to the HCC’s merger control approval process for its acquisition of control over a number of private hospital clinics, rehabilitation centers and other holdings of the EUROMEDICA healthcare group.

We’re proud to announce that our firm served as Greek counsel to Blackstone and HIP in the landmark acquisition of the owning company of Grand Hyatt—one of the largest transactions in the Greek hotel sector in recent years. This achievement is a testament to our team’s dedication and deep expertise in the hotel industry and the broader real estate sector.

The transaction was led by Partner Theologos Mintzas, supported by Associate Marina Fyrigou Koulouri. Partner Dimitris Loukas managed the notification to the Hellenic Competition Commission, supported by Senior Associate Athanasios Taliadouros. Partner Alexandros Metallinos spearheaded the financial aspects, with the assistance of Associate Nikos Stefas. Spiros Tassis led the data privacy components, supported by Senior Associate Panagiota Kelali, and Senior Associate Nikolas Sigkridis managed the employment law aspects, supported by Associate Yannis Ragos.

We extend our warmest thanks to all team members who contributed: Valia Anastasopoulou, Ilia Boura, Kassiani Flaouna, Virginia Kaklamanis, Konstantina Markomichali, Marianna Papandreou, Sofia Tsipouridi, Nikos Santas, and Glafki Setta. Their collective efforts were instrumental in ensuring the success of this significant transaction.

Dimitris Loukas and associate Petroula Nikolopoulou advised/supported Motor Oil group of companies in relation to the HCC’s regulatory intervention into the petroleum industry, aimed at assessing prevailing market conditions in terms of effective competition in the three product and distribution stages (refining, wholesale and retail) of petroleum products (95 octane unleaded petrol, diesel and heating oil) in Greece.

Dimitris Loukas and team advised GEK Terna SA, Greece’s leading group of companies in the construction, infrastructure, energy utilities, waste management and real estate sectors, in relation to the HCC’s merger control approval process concerning its acquisition of P.&C. Development, another infrastructure company specializing in small/medium-sized construction projects.

Dimitris Loukas and associate Alexandros Ntallas advised HSBC Continental Europe in relation to the HCC’s simplified Settlement Procedure concerning suspected coordination of Greece’s systemic and other smaller banks for the introduction of certain banking fees in the banking & payments sector, resulting to a Settlement Decision acknowledging the bank’s passive role and imposing a reduced fine. The main HCC investigation involving Greece’s systemic banks was settled in Dec 2023 following an extensive and lengthy investigation (see pertinent work highlight of Dec 2023).

Dimitris Loukas and associate Athanasios Taliadouros advised a global special situations investment firm with operations in Greece in relation to the HCC’s merger control approval process concerning a change in the quality of control over a key provider of private hospital and diagnostics services in Greece.

Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised Gregory’s SA, Greece’s leading food retail franchising operator in Greece, in relation to the HCC’s merger control approval process for its acquisition of joint control (together with Foodcorp Investments SA) over 1904 SA (assigned with the reconstruction and operation of the “AIGLI ZAPPEIOU” building complex, which will function as a multi-purpose site offering catering, leisure, cinema and event organization services).

Dimitris Loukas and team advise a leading travel operator in relation to the HCC’s ongoing antitrust investigation in the market for the provision of educational trips for public and private schools concerning suspected infringements of competition rules.

Dimitris Loukas and team advised represented Piraeus Bank SA, Greece’s largest systemic bank, in relation to the HCC’s investigation into the suspected coordination of Greece’s major banks for the introduction of certain banking fees in the banking & payments sector. A Settlement Decision was ultimately reached following an extensive and lengthy investigation by the HCC, finding an infringement of antitrust rules (Articles 101 TFEU and 1 of the Greek Competition Act) and imposing administrative fines and corrective measures.

Dimitris Loukas and team advised mobile network operator WIND (now NOVA) in relation to the implementation/extension of its Radio Access Network (RAN) Sharing agreement with VODAFONE to urban centers, in 4G and 5G technologies, following a pertinent notification to the Greek Telecoms Regulator (EETT) and an ensuing ex officio investigation launched by EETT. After a thorough investigation, the Greek Telecoms Regulator (EETT) concluded that the said arrangement was compatible with antitrust rules (and that no further enforcement action was warranted).

We are happy to announce that our law firm supported HERACLES Group, a member of Holcim in the negotiation and execution of the agreement for its acquisition of Larsinos SA, a landmark transaction in the Greek cement and quarry industry. Our team is led by Partners Vassilis Stergiou (M&A), Dimitrios Loukas (Competition), and Theologos Mintzas (Real Estate & Environment), and supported by Associates Nikolas Sigkridis, Kostas Manikas, Ioanna Kefaloniti, Ilia-Aikaterini Boura, Anastasia Bolari, Marialena Papageorgiou, Elisabetta Lentsiou, Nikoleta Nikolaou, and Elena Theodoropoulou.

Theologos Mintzas (Partner) and Anastasia Bolari (Associate) supported the consortium of European Finance & Aerospace Ventures SA, Blacksummit Financial Group and GEK Terna in the signing of the sub-concession agreement for the operation and maintenance of the Filippos B Port in Kavala. Dimitris Loukas (Partner) and Kostas Manikas (Associate) advised with regard to competition law issues. This was the first ever port sub-concession agreement in Greece and an important infrastructure transaction for the development of Northern Greece.

Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised GEK Terna S.A. in relation to the EU Commission/DG Competition’s merger control approval process for its acquisition of joint control (together with DEPA Commercial S.A. and Gener 2 SH.P.K.) over Fier Thermoelectric, a developer and operator of the first thermal (combined cycle gas-fired) power plant in Albania.

Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised DECA Investments/Diorama Investments II RAIF S.C.A., a major investment fund active in Greece, in relation to the HCC’s merger control approval process for its acquisition of control over Leader S.A., a leading dairy food trade operator active in the storage, distribution, processing and marketing of milk and cheese products in Greece.

Dimitris Loukas and team advised GEK Terna SA, Greece’s leading conglomerate active in the construction, energy utilities, waste management and real estate sectors in Greece, in relation to the HCC’s merger control approval process concerning its acquisition of Aigisthos SA, another infrastructure company specializing in smaller construction projects.

Dimitris Loukas and team advise a leading supplier in the market of products for babies and toddlers in Greece in relation to the HCC’s ongoing antitrust investigation for suspected infringements of competition rules.

Dimitris Loukas and associate Konstantina Markomichali advise a cadastral survey servicer in relation to the HCC’s ongoing antitrust investigation for suspected infringements of competition rules in the market for the provision of cadastral survey services and support services for the creation of a national cadastre.

POTAMITISVEKRIS are proud to announce that it has advised together with Milbank LLP, Ioannides Demetriou LLC Eurobank in the conclusion of a share purchase agreement whereby it has agreed to acquire a 17.3% stake in Hellenic Bank, the second largest bank in Cyprus. Following completion of the transaction, which is subject to regulatory approvals, Eurobank will own 46.5% of the shares in Hellenic Bank and will be required by law to submit a mandatory tender offer for all remaining shares. Partner Alexander Metallinos is advising Eurobank in relation to corporate, banking and capital markets law matters, and partner Dimitris Loukas is advising on competition law matters.

Read more: Link

Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised a key supplier of medical equipment in relation to the HCC’s antitrust investigation and ensuing settlement decision concerning an infringement of competition rules in the market for the supply of diagnostic rapid tests for SARS-CoV-2.

Dimitris Loukas and team advised the Greek subsidiary of a multinational nutrition & health conglomerate in relation to the HCC’s merger control approval process concerning its acquisition of part of the business of a major distributor of food supplements (vitamins, minerals & supplements) in Greece.

Dimitris Loukas and team advised a major retail supermarket chain in relation to the HCC’s merger control approval process concerning its acquisition of another regional supermarket chain in Northern Greece.

We are happy to announce that our law firm supported HERACLES Group in the negotiation and execution of the agreement for its acquisition of Larsinos SA, a landmark transaction in the Greek cement and quarry industry. Our team is led by Partners Vassilis Stergiou (M&A), Dimitris Loukas (Competition), and Theologos Mintzas (Real Estate & Environment), and supported by Associates: Nikolas Sigkridis, Kostas Manikas, Ioanna Kefaloniti, Ilia Boura, Anastasia Bolari, Marialena Papageorgiou, Elisavet Lentsiou, Nikoleta Nikolaou, and Elena Theodoropoulou.

Dimitris Loukas and team advised a global special situations investment firm with operations in Greece in relation to the HCC’s merger control approval process concerning its acquisition of control over the leading ferry services provider in Greece.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised a leading Greek motor vehicle importer and distributor, as well as a leading Israeli motor vehicle importer and distributor, in relation to the HCC’s merger control approval process over their joint acquisition of the Greek subsidiary of a major global automaker and mobility provider in the motor vehicle sector (import, wholesale and retail distribution of new passenger and light commercial vehicles, spare parts, vehicle leasing/rent-a-car and provision of car repair and maintenance services).

Dimitris Loukas and team advised a major retail supermarket chain in relation to the HCC’s merger control approval process concerning its acquisition of another regional supermarket chain mostly active in certain islands of Greece.

Dimitris Loukas represented a major telecoms provider, as intervener, in court proceedings before Greece’s Supreme Administrative Court launched by the leading Greek telecoms provider for the annulment of an infringement decision by the Hellenic Telecommunications & Post Commission (EETT) against it.

Dimitris Loukas and associates Alexandros Ntallas and Konstantina Markomichali advised a leading provider of school bags, kid’s lunch bags, pencil cases and waist bags in relation to the settlement of the HCC’s ex officio cartel investigation in the market for the retail trade of those products in Greece.

Dimitris Loukas and team advised a leading constructions company in Greece in relation to the public consultation undertaken for purposes of the HCC’s Regulatory Intervention in the constructions sector.

Dimitris Loukas and associate Athanasios Taliadouros advised a leading harbor tugs services provider in relation to the settlement of the HCC’s ex officio cartel investigation in the market for the provision of harbor tugs services in the ports of Attica and Thessaloniki.

We are delighted to announce that the sale of Depa Infrastructure SA by the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum SA to Italgas, one of the leading gas distributors in Italy and the third largest market player in Europe, has been successfully completed. This is a landmark transaction for the Greek energy sector and our economy in general, in a very crucial and sensitive period for the entire European energy market. Maria Perifanou, Senior Associate of our M&A team, with the guidance of our Managing Partner Stathis Potamitis and the assistance of Associate Palmyra Chantzara, successfully led the effort. The team was also valuably assisted by Partner Dimitris Loukas and Associate Kostas Manikas on competition law & regulatory matters, Senior Associate Alexia Tzouni on corporate law matters, and Senior Associate Dimitra Rachouti on energy law matters.

Dimitris Loukas and team advised a global special situations investment firm with operations in Greece in relation to the HCC’s merger control approval process concerning its acquisition of a leading hospital center in Athens, Greece.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas are advising a leading Greek supplier of machinery for field, forest and garden use in relation to the in relation to the settlement of the HCC’s ex officio investigation for suspected vertical restraints in the market for the supply of machine-operated tools for garden use in Greece.

Partner Dimitris Loukas and associate Kostas Manikas advised a global financial holding company in relation to the HCC’s merger control approval process over its acquisition of a major hospitality services provider in Greece.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised a major retail supermarket chain in relation to the HCC’s merger control approval process concerning its acquisition of another regional supermarket chain in Greece.

Partner Dimitris Loukas and associates Kostas Manikas and Konstantina Markomichali are advising a major producer and supplier of electricity and gas in relation to the HCC’s ongoing ex officio investigation for possible infringements in the market for the wholesale and retail supply of electricity in Greece.

Partner Dimitris Loukas and associate Athanasios Taliadouros advised a multinational payment & transactional services company in relation to the HCC’s merger control approval process over its acquisition of the merchant acquiring business unit of a Greek systemic bank.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised a major health services provider in Greece in relation to its third-party intervention before the EU Commission in merger control proceedings involving a concentration in the markets for the provision of private health services and related insurance services.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Konstantina Markomichali are advising a major pasta producer in relation to the HCC’s ongoing ex officio investigation for possible infringements in the market for the production and supply of pasta in Greece.

Partner Dimitris Loukas and team advised a major security services provider in relation to the HCC’s ex officio cartel investigation in the market for the provision of security services in Greece.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Kostas Manikas advised a global carbonated soft drinks producer in relation to the HCC’s ex officio investigation for suspected abuse of dominance breaches in the market for the supply of beverages for on-premise consumption in Greece.

Dimitris Loukas and team advises a major network airline based in Greece, as well as in relation to ensuring Court proceeding to the European Commission’s approval of a State support measure in the form of a direct grant to compensate the airline for damages directly caused by the COVID-19 outbreak and the travel restrictions imposed by Greece and other destination countries to contain it.

Dimitris Loukas and team advised a leading petroleum products supplier in Greece in relation to the public consultation undertaken for purposes of the HCC’s Regulatory Intervention in the production and distribution stages (refining, wholesale, retail) of petroleum products (unleaded petrol, diesel and heating oil) in the Greek market.

Partner Dimitris Loukas and team advised a major Greek construction, energy and real estate conglomerate in relation to the HCC’s merger control approval process regarding its acquisition of sole control over an energy producer and supplier in Greece.

Partner Dimitris Loukas and associate Kostas Manikas advised a major food caterer in relation to the settlement of the HCC’s ex officio cartel investigation in the market for the provision of catering services to migrants & refugees in Greece.

Partner Dimitris Loukas and associates Kostas Manikas and Alexandros Ntallas advised a local ferry services provider in relation to the settlement of the HCC’s ex officio cartel investigation in the market for the provision of ferry connection services in Northern Greece.

Partner Dimitris Loukas and team advised a major health services provider in Greece in relation to the HCC’s sector inquiry regarding the provision of private health services & related insurance services.

POTAMITISVEKRIS acts as legal advisor in one of the most significant privatizations in the Greek energy market. Stathis Potamitis, Head of our Corporate and M&A team, Dimitrios Loukas Head of our EU, Competition & Antitrust team, and Maria Perifanou, Senior Associate of our Corporate and M&A team, assisted by Palmyra Chantzara (Associate) and Konstantinos Manikas (Associate) as well as by Alexia Tzouni (Senior Associate) and Dimitra Rachouti (Senior Associate), advise the majority shareholder of a leading public gas distribution company in the sale of its shareholding through an international public tender process. The recent announcement of the preferred bidder in the tender process marks a significant milestone towards the successful completion of the privatization.

Partner Dimitris Loukas and associates Athanasios Taliadouros and Alexandros Ntallas advised a global wind & solar developer & utility fund manager, a Greek real estate & energy developer and a Greek importer & wholesale distributor of vehicles in relation to the EU Commission’s merger control approval process over their creation of a full-function JV in the renewables energy sector in Greece.

Partner Dimitris Loukas and associate Athanasios Taliadouros advised a global financial holding company in relation to the EU Commission’s merger control approval process over its acquisition of a major insurance provider in Greece.

Xenophon Paparrigopoulos and team (including, notably, Athanasios Taliadouros) successfully defended a Spanish major construction company against a €22 million fine imposed by the Hellenic Competition Commission (HCC) in the context of the constructions’ cartel investigated by the HCC. In a seminal judgment, the Athens Administrative Court of Appeals quashed the HCC’s decision on grounds pertaining, amongst others, to the lack of parental liability and the lack of demonstration of the single and repeated nature of the alleged infringement. It is one of the largest fines ever imposed by the HCC and overturned by the Appellate Court.

Dimitris Loukas and team are advising a leading global investment firm regarding its acquisition of the distressed business of a major Greek healthcare network provider

Dimitris Loukas and team are advising an integrated telecommunication provider on competition and regulatory law matters regarding the creation of a JV with another leading telecommunications provider combining their tower portfolios (passive infrastructure for mobile telephony) in Greece

Dimitris Loukas and team are advising a major towage & salvage provider in relation to the HCC’s ongoing ex officio investigation for possible infringements in the towage port services sector

Dimitris Loukas and team are advising a Greek systemic bank in relation to the HCC’s ongoing ex officio investigation for possible infringements in the banking and payments sector

Dimitris Loukas and team advised a private alternative investment firm regarding its acquisition of fish-farming assets as result of a divestiture procedure mandated by the EU Commission on the occasion of a merger control clearance with remedies

Dimitris Loukas and team advised a Chinese energy conglomerate on regulatory and competition matters arising in the context of its investments in the energy sector (notably production and supply of electricity) in Greece

Stathis Potamitis and Dimitris Loukas are advising the Hellenic Republic Asset Management Fund on the sale of its stake in a leading gas utility company

Vassilis Stergiou and team advised a real estate investment company on merger control aspects relating to its merger with a Greek banking & financial institution

Vassilis Stergiou and team advised an energy conglomerate on merger control aspects relating to its acquisition of a Greek media (TV & Radio) broadcasting company

Xenophon Paparrigopoulos and team represented the Greek subsidiary of a multinational consumer goods company before the Supreme Administrative Court in its appeal to overturn a decision of the Hellenic Competition Commission involving imputed abuse of dominance in the market for diapers.

Stathis Potamitis and Dimitris Loukas are advising a major Greek telecommunications company on its bid to acquire another pay-TV and broadband services provider

Dimitris Loukas and team advised the Hellenic Republic Asset Management Fund on competition & state aid law aspects in relation to a concession award procedure

Vassilis Stergiou and team advised a multinational oil and gas company on merger control aspects relating to its acquisition of a Greek gas supplier

Xenophon Paparrigopoulos and team successfully defended a Greek major cosmetics’ wholesaler against a €4.1m fine imposed by the Hellenic Competition Commission, which the Administrative Court of Appeal overturned in June 2018.

Dimitris Loukas and team advised a financial services provider on competition and payment services aspects relating to the restructuring of part of its operations

Dimitris Loukas and team advised and represented a major Greek telecommunications provider in administrative court proceedings regarding an infringement decision by the Telecoms Regulator (EETT) against another leading telecommunications provider

Dimitris Loukas and team advised a foreign private investment firm on competition law aspects pertaining to its bid to acquire a Greek fish farming business

Dimitris Loukas and team advised the Hellenic Republic Asset Management Fund in relation to state aid issues possibly arising in the context of a tendering procedure for a concession award.

Dimitris Loukas and team advised a Greek telecommunications provider in ongoing proceedings before the Hellenic Telecommunications & Post Commission in relation to a case of alleged abuse of dominant position by way of margin squeeze against two other telecommunications providers.

Xenophon Paparrigopoulos and team advised the Greek subsidiary of a multinational consumer goods company before the Hellenic Competition Commission in a sectoral investigation of the market for diapers involving imputed abuse of dominant position. The Hearing took place in September 2013 and the decision of the Commission was issued in April 2015.