MEDIA

26 Jul 2011

Italian Infrastructure and Private Equity Investment Company VEI Capital Invests in Global Ports Holding

A Big Investment for Global Ports Holding by the Italian Infrastructure and Private equity Investment Company VEI Capital and the Italian Insurance Giants
VEI Capital SPA, an investment company of the Italian Palladio Finanziaria Group, acquires 22.114% of Global Ports Holding (GPH), a leading Turkish port operator holding the concessions for Port Akdeniz (Antalya), Ege Ports (Kuşadası) and Bodrum Cruise Port, which are three big gates of the Turkish tourism.
The strongest and leader port operator of Turkey, Global Ports Holding, receives a strong investment from Italy. VEI Capital SPA (VEI), an investment company of the Italian Group Palladio Finanziaria, has acquired 22.114% of Global Ports Holding (“Global Ports”). Global Ports holds the concessions for three most important ports of Turkey; Port Akdeniz (Antalya), Ege Ports (Kuşadası) and Bodrum Cruise Port. Global Ports is currently a wholly-owned subsidiary of Global Investment Holding (GIH), a major holding company with a diversified portfolio of investments in the ports, energy, real-estate and financial services sectors.
VEI investors are made up of Palladio Finanziaria, Generali Insurance Group and major Italian Banks, including Intesa Sanpaolo, Veneto Banca and Banca Popolare di Vicenza. VSL-Venice Shipping and Logistics, another investment Company of Palladio Finanziaria, specialised in the shipping sector, will also be investing in the transaction.
The initial investment will be US$77.39 million for the acquisition of 22.114% of the shares of Global Ports, and VEI shall increase its shareholding to 25% after three years. In addition, VEI also holds a call option available until 31 December 2011, for Generali Assicurazioni, Unicredit and Venice Shipping and Logistics groups or other institutional investors approved by GIH, to further increase the shareholding percentage by an additional 10%.
Turkey represents unique investment opportunities
VEI Managing Director Gianandrea Rizzieri stated that this minority stake acquisition in GPH is the first investment abroad for VEI Capital, which was incorporated in September 2010, and Turkey presents unique investment opportunities with its extremely high growth rates in the Mediterranean Area. Rizzieri further stated that since the Turkish road and railways still developing, the marine transport plays a strategic role in the Country's infrastructure system, with constantly increasing volumes.
Partnership is an important step for growth 
Global Ports Holding's Board Chairman Gregory Kiez states the importance of this partnership stating that this will also be a major step for GPH to successfully execute the Company's expansion plan in the ports sector and highlights that this development has been an important addition to the strategy of the Company which is to effectively manage local and international commercial and cruise ports. Mr. Kiez added that having Venice Shipping and Logistics group within the investor consortium will notably contribute to Global Port's operations. Global Ports, which has demonstrated an extraordinary success especially in the cruise port management with its award winning cruise port Ege Ports, hopes to continue and further expand its success internationally.