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Chinese shipping company COSCO has acquired the majority of stakes in PPA, operator of the Greek port of Piraeus.

The transfer of the 51-percent equity holding and the custody of an additional 16-percent stake was officially completed after COSCO signed a memorandum of understanding with Greece's state-owned asset development fund "HRADF".

COSCO will take over the management of the port following the deal.

HRADF launched the bid for the port in January.

COSCO was the only bidder after other potential buyers decided to give up.

Stergios Pit-siorlas, chairman of HRADF, says the Chinese investment is welcomed by his country.

"The progress has been very smooth so far. Of course we have had some problems in the past. But I think, the Piraeus Port, and Greek society, have taken the project as a positive thing. The whole community realized that this is not only a transaction, but also good for the Greek economy."

This is the first overseas acquisition by state-owned COSCO since the shipping company was founded.

The Chinese company will reportedly invest more than 300 million U.S dollars in the port over the following 6 to 7 years in a move to build the largest port in the Mediterranean region.