PQH, the Special Liquidator for all credit and financial institutions under special liquidation in Greece, announced the closing of the Alphabet transaction, with a total gross book value of EUR4.8 billion and total purchase price approaching half a billion euro, making it the largest non-performing loan (NPL) portfolio sale in Greece.

The closing involved three portfolio transfers. On 15th November 2024, the Alphabet Unsecured/Low Secured Portfolio was transferred to an affiliate of funds managed by Fortress Investment Group. Later, at 17th January 2025, the Alphabet Secured Retail Portfolio was transferred to an affiliate of funds managed by Fortress Investment Group and Bain Capital’s Special Situations business; and last,  on 31st January 2025, the Alphabet Secured Corporate Portfolio was transferred to a fund managed by Bracebridge Capital.

The tender process, launched in October 2023, attracted strong international investor interest.

Spyros Rasias, CEO of PQH, stated “The completion of the Alphabet transaction is an important milestone in PQH’s journey as it is yet another strong demonstration of our commitment to the realisation of our mission. With the support of the Bank of Greece and guided by our strategic planning, the success of the transaction proves the resilience and stability of the Greek economy, despite international financial and geopolitical challenges”.

Alex Frangos, Chief Strategy Officer of PQH, added: “The Alphabet closing marks the successful conclusion of a critical chapter in PQH’s strategy, which was focused on accelerating portfolio sales. The result validates our efforts, achieving significant recoveries under difficult global macroeconomic conditions. Portfolio sales will remain a part of PQH’s business strategy going forward, which will be shaped by prevailing market conditions”.

Morgan Stanley & Co. International plc acted as financial advisor and PotamitisVekris law firm as legal advisor to PQH.

Original Story: PQH