Piraeus Bank to Acquire 16% of Marfin Investment Group

Piraeus Bank-MIG dealA major business deal between Piraeus Bank and Marfin Investment Group (MIG) is expected to be announced at the end of the stock market session taking place Wednesday, May 14.

Greek MIG will issue a 400 million euro convertible bond and Piraeus Bank will cover 250 million euros of it, acquiring 16% of MIG’s shares.

This major business deal is part of the ongoing mergers and partnerships taking place in the Greek market, with the goal being to enhance liquidity among Greek businesses.

This particular agreement will improve the shipping and food sector as it aims to rehabilitate MIG’s companies such as ANEK Lines and to expand companies such as MEVGAL S.A. Moreover, according to unconfirmed information, acquisitions of smaller food companies are also expected in the future.

Piraeus Bank is the second-largest lender by assets in Greece while MIG has holdings in the food, shipping, healthcare and tourism sector.