BUSINESS

Dutch group to increase stake in GEK Terna

NIKOS ROUSSANOGLOU

TAGS: Business

Dutch investment fund Reggeborgh Invest is evolving into a strategic investor in GEK Terna, as it was announced on Thursday that it will acquire – in two stages – York Capital Management’s entire holding in the Greek construction group, which amounts to 17.3 percent.

Based on Thursday’s closing price of GEK Terna shares, at 4.99 euros, the total package is calculated at 90 million euros. York Capital entered the share capital of GEK Terna in 2013, when its investment was estimated at about 100 million euros.

The Dutch group is the investment vehicle of the Wessels family, one of the wealthiest in the Netherlands, which founded the VolkerWessels construction giant.

About a year ago Reggeborgh Invest made a 40-million-euro investment in GEK Terna, gradually acquiring 9.4 percent in the Greek firm, mainly through the stake of the Kambas family. In mid-February the Dutch group strengthened its holding further and currently controls about 13 percent in the Athens-listed group. That stake is now expected to increase to about 30 percent, with the precise terms of the transaction expected to become known in the coming days.

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