Norton Rose Fulbright advises IPTO on €1 billion share capital increase and ECM transaction

Global law firm Norton Rose Fulbright has advised the Greek Transmission System Operator IPTO S.A. (IPTO) on the legal and regulatory aspects of a landmark equity capital markets transaction supporting the operator's €1 billion share capital increase and broader strategic investment programme.

Norton Rose Fulbright's mandate included the review from the point of view of IPTO of the offering documentation and advice on capital markets and energy regulatory matters - reflecting the complexity of a transaction involving a regulated transmission system operator and multiple jurisdictions.

A central element of the transaction was the non-pre-emptive share capital increase of ADMIE Holding S.A., the listed parent company of IPTO, through a fully marketed offering of 130,864,197 new shares for a total consideration of approximately €530 million. The offering comprised an international institutional placement, including in the United States to qualified institutional buyers under Rule 144A and outside the United States in reliance on Regulation S. It also included offers to qualified investors in the European Economic Area and the United Kingdom, alongside a concurrent public offering in Greece.

The proceeds from this offering were used to fund ADMIE Holding's pro rata participation in IPTO's share capital increase, thereby supporting IPTO's broader investment programme. The programme focuses on strengthening Greece's electricity transmission network and developing domestic and cross-border interconnections in line with the Ten-Year Network Development Plan.

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. Ambrosia Capital, Euroxx Securities, Optima Bank and Pantelakis Securities acted as co-managers.

The Norton Rose Fulbright team in Athens advising on the transaction was led by partner Vassilis Koroxenidis, supported by counsel Dimitrios Rampos and senior associate Sergios Karotsieris.

Vassilis Koroxenidis said:

"We were pleased to support IPTO on this mandate, which required seamless coordination across multiple legal and regulatory frameworks. The transaction demonstrates the strong investor appetite for high-quality transmission platforms."

With more than 800 lawyers situated in the world's financial centers, our global banking and finance team has one of the longest histories of any law firm in the field, advising major banks, finance providers, export credit agencies, corporate and sovereign entities and other participants in the global banking and finance arena.