Latham & Watkins Advises on ADMIE (IPTO) Holding S.A.’s €530 Million Share Capital Increase

Latham & Watkins has advised the pool of banks in connection with the non-preemptive share capital increase of ADMIE (IPTO) Holding S.A., the holding company of Independent Power Transmission Operator (IPTO) S.A., the independent electricity transmission operator in Greece, in the fully marketed offering of 130,864,197 new shares for a total consideration of approximately €530 million.

The offering was conducted to fund ADMIE Holding’s pro rata participation in IPTO’s share capital in support of its multibillion-euro strategic investment plan to reinforce the network and enhance domestic and international interconnections, as set out in the Ten-Year Network Development Plan.

The transaction was conducted through (i) an international institutional offering addressed, in the United States, to qualified institutional buyers in reliance on Rule 144A under the US Securities Act and, outside the United States, in compliance with Regulation S, as well as to qualified investors in the European Economic Area and the United Kingdom; and (ii) a public offering in Greece.

The Latham team was led by partners Ryan Benedict and Jeff Lawlis, with counsel Giorgio Ignazzi, and associates Ruggero Barelli, Ludovica Davoli, and Andrew Liu. Advice was also provided on US capital markets matters by Capital Markets lawyer Irene Pistotnik; on UK tax matters by partner Karl Mah and associate Ines Kilkelly; on UK corporate matters by counsel Koushik K. Prasad; and on US tax matters by partner Rene de Vera.

Goldman Sachs Bank Europe SE and Morgan Stanley acted as joint global coordinators and joint bookrunners; Eurobank, Alpha Bank, AXIA, National Bank of Greece, and Piraeus Bank acted as co-bookrunners; and Ambrosia Capital, Euroxx Securities, Optima Bank, and Pantelakis Securities acted as co-managers.