Marfin Investment Group

Greek investment firm Marfin Investment Group (MIG) issued a press release on 22 March 2010 to announce a successful fund raising effort which garnered € 251.7 million. The funds come by way of a convertible bond loan, the issuance of which was determined prior to the recent downturn in the Greek economy.

Greek investment company Marfin Investment Group (MIG) has joined forces with Veolia Environnement and Ionios Constructions in a bid for Thessaloniki Water and Sewerage SA (EYATh). The three partners, which have formed a joint venture with Veolia owning 51%, MIG 44%, and Ionios 5%, recently announced participation in a tender to find a strategic partner for Thessaloniki Water. No further details about the new company have yet been made public.

After many years seeking private investors to purchase struggling Olympic Airlines, the Greek government has struck a deal with the Marfin Investment Group. The Greek government bought the airline from Aristotle Onassis 30 years ago but now will let it go for € 177.2 million. Earlier bids from American charter operator Chrysler Aviation (€ 210 million) and Greece's Aegean (€ 110 million) were rejected. The American bid lacked financial backing while competition concerns put Aegean out of the running.

Deutsche Telekom, a German telecommunications company, acquired nearly 20% of Hellenic Telecommunications ("OTE"), the national telecommunications provider of Greece. The shares were sold by Marfin Investment Group, a Greek private equity firm whose stake in OTC represented their second largest investment. The purchase was made for EUR 2.5 billion, or EUR 26 per share. The execution of the deal was contingent on approval by the Greek government.

Marfin Investment Group acquired 55.79% of the share capital of consumer electronics retailers “Radio Korasidis” and 58.78% of the share capital of “Elephant” for a total consideration of € 22.2 million from “V-NET”.