China’s shipping and logistics services supplier company Cosco has acquired 51% shares of the Piraeus Port Authority via the stock market.

The Chinese government-owned company bought the 12,750 shares at 22 euros a piece, paying a total of 280,500,000 euros.

According to the recent agreement signed with Greek authorities, Cosco will acquire a further 16% of the Piraeus Port Authority for 88 million euros, when a series of investments have been carried out at the port.