Balking up

17 May 2007 By Nicole Lee

Southeastern Europe is hardly a hotbed of buyout activity. Yet Greek magnate Andreas Vgenopoulos is raising a whopping E5bn to do deals. Marfin’s founder is creating a kind of Balkan Macquarie. That s ambitious but that he thinks he can do it’s testimony to global liquidity.

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Athenslisted Marfin Investment Group or MIG is raising up to E5.2bn through a rights issue. The company is offering fourteen new shares for each existing share at a price of E6.70 a share. MIG is currently trading at about E21.50.

MIG will use the capital to make private equitystyle investments in southeastern Europe, including Cyprus, Greece, Turkey, Russia, and the Ukraine.

MIG's management team includes vice chairman Andreas Vgenopoulos, who cofounded the company along with Dennis Malamatinas, the chief executive officer.

The banks handling the rights issue are Deutsche Bank, Merrill Lynch, and Citigroup.

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