In a Kathimerini article headlined “Wade Adams and D. Coutras Close to Aktor Acquisition” and in a letter to the Athens Stock Exchange, Ellactor responded with an announcement to that effect.

According to the announcement, as part of the active management of its business portfolio, Ellactor is constantly considering options for the optimal use of its assets. At the same time, he clarifies that no agreement on the sale of the Akter ATE subsidiary was signed.

The announcement also states: “The company, always complying with capital market legislation and in particular Article 17 of Regulation (EU) 596/2014 and the provisions of the Athens Stock Exchange Regulation, assures that it will disclose the necessary information as long as there are any – or changes that create an obligation to disclose information in accordance with the foregoing. The above information has been prepared in accordance with Regulation (EU) 596/2014 of the European Parliament, of the European Council and following the relevant question of the Athens Stock Exchange.

Respite before Wade Adams takes over as actor

The Kathimerini report states that, according to the information, the joint scheme of the Cypriot construction group Wade Adams and the company of Dimitris Koutras, who ran the technical company from 1978 to 2018, is closer than ever to acquiring 100% of Aktor, the construction arm of the Ellactor group.

According to sources, after due process, the buyers (Wade Adams, together with the technical company D. Koutras) reached an agreement with the main shareholders of Ellactor, the Dutch Reggeborgh Invest BV and Motor Oil, to sell Aktor at a price, the lower range of which is in the order of 100 million euros.

The same information says that the signing of a preliminary agreement on the transfer of shares of Aktor is not far off, and the transaction should be completed in early spring. Until the final deal is struck, all possibilities for its outcome remain open because the balance in this type of deal is delicate. However, the acquisition of the Actor by Wade Adams and D. Coutras’ interests company would lead to the latter’s return to the tech company four years later.

The deal has been in the pipeline for some time now, which analysts say helped fuel a rally in parent company Ellactor’s stock, which is up 23% year-to-date to close on the stock market yesterday at 2.1 euros.

The sale of Aktor is expected to bring significant liquidity to the group’s major shareholders Ellactor, Reggeborgh and Motor Oil, which control the listed company with 46.1% and 29.87% respectively. Especially for the Dutch company Reggeborgh, which acquired control of Ellactor at the end of January 2021, this will represent a significant capital gain, given that Ellactor’s performance has improved significantly compared to two years earlier.

Significantly, Actor’s portfolio for the fiscal year 2020 amounted to 1.6 billion euros, having increased to 2.7 billion euros in the first nine months of 2022. Also in 2020, the operating margin was at -155 million euros, with losses limited. to EUR 70.1 million in the nine months of 2021 and minimized to EUR 0.1 million between January and September 2022.

In mid-December last year, Ellactor also completed the sale of 75% of the renewables sector to Motor Oil for €671.5 million, with the sale of Aktor limiting Ellactor’s portfolio to concession areas (Aktor Concessions) and development properties (Reds). ). The decision to sell Ellactor’s construction division is in line with the group’s major shareholders’ strategic plan to focus on energy and real estate.

The implementation of construction projects at a significant profit has become a challenge after the skyrocketing costs of construction and energy, as well as difficulties in finding staff.

Coping with increased risk – at least due to a period of big discounts – requires strong liquidity and a sound financial structure, so leaving the industry, at least for some non-traditional players, seems to have more advantages.