The acquisition agreement of the construction company, Aktor (subsidiary of Ellactor) from Intrakat was signed a little while ago with the official announcements expected in the morning.
In order to enter into implementation, the said agreement needs to receive the approval of the Competition Commission (EA) and until then the two companies will operate independently.
The total price is in the region of 214 million euros. The 100 million will be paid by the buyers with the signing of the agreement and the rest will be registered as a liability of the company to be acquired to (currently its parent) Ellactor and will be given in installments over the next two years.
This is an important development in the construction market which is currently dominated by 5 large groups with Intrakat being the smallest.
After its merger with Aktor, Intrakat (or whatever it will be called) will become the second largest group, following GEK Terna, with a construction backlog of 4 billion. euro.
It should be noted that the shareholders of Ellactor (Dutch company Reggeborgh and Motor Oil of the Vardinogianni group) and Intrakat (main company Winex, in which the shipowners Dimitris Bakos, Ioannis Kaimenakis and Alexandros Exarchou participate) had agreed since the end of last week for the most important issues related to the agreement.
These include the way of cooperation of the new construction company that will result from the merger of Aktor-Intrakat in the concession projects, that is, where Aktor Concessions will need a technical company to participate in a tender, as well as how they will manage the cases of tenders processes that are currently underway and both companies participate.
The above is estimated to bring changes to the interest that has been initially expressed in a series of tenders with possible changes in joint ventures or the creation of new ones.