The signing of the acquisition agreement was completed last night, as expected. Actor from the group intracat. This is an agreement valued at approximately 215 million euros, of which approximately 100 million euros will relate to the funds raised by the Ellactor group for the sale of its construction arm, and the remainder will cover the obligations of the Actor.

At the same time, it appears that there is also an agreement between the two parties whereby Intrakat will be the exclusive partner of the Ellactor group in relation to the execution of the technical object of contracts declared or accepted by the Aktor Concessions subsidiary. This is the main condition that was set from the very beginning by the main shareholder of the Ellactor group, the Dutch company Reggeborgh Invest, in order to proceed with the sale of Ellactor. However, the sale of Aktor Perachores is out of the question. There is no doubt, however, that if this issue is raised at some point, it is possible that there will be a corresponding discussion with Intrakat as well, since both sides will cooperate closely from that point on.

It is also noted that until the tender commission gives the go-ahead, the two companies will continue to work autonomously and independently of each other.

The cost of the agreement is estimated at about 215 million euros.

In less than a year, Intrakat will become the second largest construction group in the country in less than a year, rising from the fifth position it held prior to its sale to Winex by Mrs. G. Kaymenakis, D. Baku and Al. Exarch. As a reminder, Intrakat has recently started a capital increase of 100 million euros. Of these, 50 million euros were allocated to the implementation of acquisitions in the construction industry, which testified to the intentions and ambitions of the main shareholders for the immediate expansion of Intrakat.

After the acquisition of Aktor is completed, Intrakat will have the second largest portfolio of projects totaling 4.1 billion euros, as the company’s 1.3 billion euros will be supplemented by projects worth 2.7 billion euros completed by Actor. In the nine months of 2022, new contracts signed by Intrakat amounted to 406.4 million euros, while Aktor concluded projects worth 723 million euros in the same period. Accordingly, the total revenue of the two companies amounted to 528.3 million euros (380 million euros for Akter and 148.3 million euros for Intrakat). Significant and immediate synergies are also expected from the automatic increase in the share of participants in the new scheme in a number of large project consortiums.

Sources close to Intrakat management said yesterday that “the acquisition of Aktor reflects, on the one hand, the company’s shareholders’ strong belief in the prospects and growth potential of the construction industry, and on the other hand, the strategic confidence that the new corporate structure will benefit from multifaceted synergies and will have a strong capital base that will enable Intrakat to take a lead role in infrastructure and PPP projects both in Greece and the wider South East Europe region.”

Accordingly, Ellactor’s sources said yesterday that with the sale of Aktor, the group “will further strengthen its financial position by improving operating and net profitability and the corresponding rate of return. This significantly increases its liquidity and, therefore, its ability, on the one hand, to freely finance its investment plan, and on the other hand, to return funds to shareholders. He gains the flexibility and ability to use these funds to focus on profitable activities in the infrastructure sector with higher returns and less risk.”